US construction spending unexpectedly fell 0.3% in June, single-family housing construction is sluggish
August 2, 2024 2:32 AM GMT+9
Construction expenditure for June (seasonally adjusted) announced by the U.S. Department of Commerce on the 1st decreased by 0.3% from the previous month in terms of an annualized rate, contrary to market expectations (0.2% increase). Construction of single-family homes fell against the backdrop of rising mortgage interest rates.
The May portion decreased by 0.4%, and was revised downward from the 0.1% decrease announced last time.
There was a 6.2% increase in June compared to the same month last year.
Private sector construction spending fell 0.3 percent. It was down 0.4 percent in May. Housing construction spending fell 0.3 percent. It was down 0.7% in May. Construction spending for newly built single-family homes fell by 1.2%. Construction expenditure for apartment complexes increased by 0.1%.
Construction spending on non-residential facilities such as factories decreased by 0.1%.
Public sector construction spending fell 0.4 percent. There was a 0.2 percent decrease in May.
The May portion decreased by 0.4%, and was revised downward from the 0.1% decrease announced last time.
There was a 6.2% increase in June compared to the same month last year.
Private sector construction spending fell 0.3 percent. It was down 0.4 percent in May. Housing construction spending fell 0.3 percent. It was down 0.7% in May. Construction spending for newly built single-family homes fell by 1.2%. Construction expenditure for apartment complexes increased by 0.1%.
Construction spending on non-residential facilities such as factories decreased by 0.1%.
Public sector construction spending fell 0.4 percent. There was a 0.2 percent decrease in May.
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