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Housing

Construction Spending Slows Down in June

Strategic Insights

— 2 min read

Construction spending in the United States slowed down in June, with an estimated seasonally adjusted annual rate of $2,136.2 billion, 0.4% below the revised May estimate of $2,143.9 billion. This decline translates to a 2.9% decrease from the June 2024 estimate of $2,143.9 billion. Over the first six months of the year, construction spending totaled $1,036.1 billion, a 2.2% decrease from the same period in 2024.

Key Takeaways:

  • Construction spending in June was estimated at a seasonally adjusted annual rate of $2,136.2 billion, a 0.4% decrease from the revised May estimate.
  • The June figure is 2.9% below the June 2024 estimate of $2,143.9 billion.
  • During the first six months of this year, construction spending amounted to $1,036.1 billion, a 2.2% decrease from the same period in 2024.
  • Spending on private construction was at a seasonally adjusted annual rate of $1,621.9 billion in June, a 0.5% decrease from the revised May estimate.
  • Residential construction was at a seasonally adjusted annual rate of $883.1 billion in June, a 0.7% decrease from the revised May estimate.
  • Nonresidential construction was at a seasonally adjusted annual rate of $738.8 billion in June, a 0.3% decrease from the revised May estimate.
  • In June, the estimated seasonally adjusted annual rate of public construction spending was $514.3 billion, a 0.1% increase from the revised May estimate.
  • Educational construction was at a seasonally adjusted annual rate of $112.7 billion in June, a 0.4% increase from the revised May estimate.
  • Highway construction was at a seasonally adjusted annual rate of $144.1 billion in June, a 0.6% increase from the revised May estimate.

Statistics:

  • Construction spending in June: $2,136.2 billion (seasonally adjusted annual rate)
  • May construction spending estimate: $2,143.9 billion (revised)
  • June 2024 construction spending estimate: $2,143.9 billion
  • First six months 2024 construction spending: $1,036.1 billion
  • First six months 2024 construction spending (vs. 2024): -2.2%
  • Private construction spending in June: $1,621.9 billion (seasonally adjusted annual rate)
  • Private construction spending in June (vs. May): -0.5%
  • Residential construction spending in June: $883.1 billion (seasonally adjusted annual rate)
  • Residential construction spending in June (vs. May): -0.7%
  • Nonresidential construction spending in June: $738.8 billion (seasonally adjusted annual rate)
  • Nonresidential construction spending in June (vs. May): -0.3%
  • Public construction spending in June: $514.3 billion (seasonally adjusted annual rate)
  • Public construction spending in June (vs. May): 0.1%
  • Educational construction spending in June: $112.7 billion (seasonally adjusted annual rate)
  • Educational construction spending in June (vs. May): 0.4%
  • Highway construction spending in June: $144.1 billion (seasonally adjusted annual rate)
  • Highway construction spending in June (vs. May): 0.6%

Sources:

  • American Bankers Association News Release.

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