US Construction Spending Takes a Hit in June

According to the latest report from the US Census Bureau, construction spending in the United States has experienced a slight downturn. The figures for June show a total of $2.13 trillion, marking a 0.4% decrease from the revised numbers of the previous month. Annually, the decline is more pronounced at 2.9%.

Private and Public Construction Spending Trends

Private construction spending was noted at $1.62 trillion, which is 0.5% lower than May's revised figures. Within this sector, residential construction saw a 0.7% drop to $883 billion, while nonresidential construction slightly decreased by 0.3% to $738 billion. On the other hand, public construction spending edged up by 0.1% to $514 billion compared to the previous month.