US Construction Spending Falls in June, Missing Estimates
by Javier Fontdegloria
US construction spending fell in June, the first decline since September 2021, driven by a decline in residential construction.
After rising 0.1% in May, overall construction spending fell 1.1% in June compared to the previous month, according to data released Monday by the Commerce Department. May’s data was revised upwards from an initial estimate of a 0.1% decline.
Economists polled by the Wall Street Journal expected a growth of 0.4%.
Expenditure on private construction declined 1.3% month on month, outlay on new single family projects declined by 3.1% monthly as expenditure on residential construction decreased by 1.6%.
Private spending on non-residential construction declined 0.5%, as did total public construction spending, the data showed.
Write to Xavier Fontdegloria at [email protected]
(END) Dow Jones Newswires
Aug 01, 2022 10:43 ET (14:43 GMT)
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