First six months' construction spending up 8.6%
Construction spending during June was estimated at a seasonally adjusted annual rate of $2,148.4 billion, 0.3% (±1.0%)* below the revised May estimate of $2,154.8 billion, according to the U.S. Census Bureau.
The June figure is 6.2% (±1.6%) above the June 2023 estimate of $2,023.0 billion. During the first six months of this year, construction spending amounted to $1,034.8 billion, 8.6% (±1.2%) above the $952.5 billion for the same period in 2023.
Spending on private construction was at a seasonally adjusted annual rate of $1,664.6 billion, 0.3% (±0.8%) below the revised May estimate of $1,668.8 billion. Residential construction was at a seasonally adjusted annual rate of $928.0 billion in June, 0.3% (±1.3%)* below the revised May estimate of $931.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $736.6 billion in June, 0.1% (±0.8%)* below the revised May estimate of $737.7 billion.
The estimated seasonally adjusted annual rate of public construction spending was $483.9 billion, 0.4% (±1.8%) below the revised May estimate of $486.0 billion. Educational construction was at a seasonally adjusted annual rate of $101.9 billion, 0.9% (±3.3%) below the revised May estimate of $102.8 billion. Highway construction was at a seasonally adjusted annual rate of $143.5 billion, 0.4% (±4.6%) below the revised May estimate of $144.1 billion.
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Singer Industrial. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Rachael Radford, as well as interviews with numerous product and distribution industry experts.
