Construction spending fell 0.6% in June to a seasonally adjusted annual rate of $883.9 billion, according to a Commerce Department report (link opens as PDF) released today.
With May's gains revised up more than twofold, to a 1.3% improvement, analysts' estimates for a 0.4% gain proved unattainable for June's report.
Source: Commerce Department
Private construction tapered off 0.4% to a seasonally adjusted annual rate of $622.8 billion. While residential construction remained similar to May's, nonresidential construction fell 0.9%.
After helping boost May's numbers higher, public spending on construction fell 1.1% to a seasonally adjusted annual rate of $261.1 billion. Education construction dipped 0.4%, while highway construction took a 2.8% hit.
Over the past 12 months, overall construction spending has increased 3.3%.
