The Census Bureau reports that construction spending edged up in June.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during June 2012 was estimated at a seasonally adjusted annual rate of $842.1 billion, 0.4 percent (±1.8%)* above the revised May estimate of $838.3 billion. The June figure is 7.0 percent (±2.0%) above the June 2011 estimate of $786.8 billion. During the first 6 months of this year, construction spending amounted to $387.1 billion, 9.0 percent (±1.5%) above the $355.1 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $567.9 billion, 0.7 percent (±1.6%)* above the revised May estimate of $564.2 billion. Residential construction was at a seasonally adjusted annual rate of $265.6 billion in June, 1.3 percent (±1.3%)* above the revised May estimate of $262.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $302.3 billion in June, 0.1 percent (±1.6%)* above the revised May estimate of $302.1 billion.
In June, the estimated seasonally adjusted annual rate of public construction spending was $274.2 billion, nearly the same as (±2.8%)* the revised May estimate of $274.1 billion. Educational construction was at a seasonally adjusted annual rate of $65.7 billion, 1.4 percent (±4.6%)* below the revised May estimate of $66.6 billion. Highway construction was at a seasonally adjusted annual rate of $80.4 billion, 1.5 percent (±7.7%)* above the revised May estimate of $79.3 billion.
