Equipment Type

June Construction Spending Down 1.3% from May

Public construction projects plunged 5.4 percent, the biggest drop since March 2002

August 02, 2017
June Construction Spending Down 1.3% from May

U.S. Department of Commerce released data for June 2017 construction spending which shows a 1.3 percent decrease in total construction spending at $1.2 trillion, the lowest level since last September. On the plus side, total construction spending year-to-year was up 1.6 percent in June.

Economists had forecasted an increase of 0.4 percent according to a Reuters poll and an increase of 0.5 percent predicted by Bloomberg.

However, June's investment in public construction projects plunged 5.4 percent, the biggest drop since March 2002. The decline pushed public construction spending to its lowest level since February 2014.

Here's June's Breakdown:

Total Construction = $1.2 trillion - 1.3 percent below May 2017, but 1.6 above June of last year

Total public construction = $2.6 billion - 5.4 percent below May 2017, and 9.5 percent below June 2016.

Category

May 2017 to June 2017

June 2016 to June 2017

Transportation

-2.5

-3.9

Power

-7.6

-50.5

Highway and street

-6.6

-8.1

Water

-4.2

-17.7

Total private construction for June breaks down like this:

--Residential construction fell 0.2 percent, but is up 9.2 percent higher than one year ago

--Nonresidential structures edged up 0.1 percent, up 1.1 over one year ago
 

Category

May 2017 to June 2017

June 2016 to June 2017

New single family

0.3

9.0

New multi-family

-2.9

0.6

Commercial

-0.4

13.8

Manufacturing

-1.9

-7.7

 

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