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Free AccessANALYSIS:US June Construction Spending Down 1.3%; Homes Down 0.3% >
--Total Private Spending Down For Third Straight Month
--May Construction Revised Up; April Revised Down
By Sara Haire and Holly Stokes
WASHINGTON (MNI) - Construction spending was down 1.3% in June,
with a 0.1% decline in private construction and a steep 5.4% drop in
public construction, data released by the Commerce Department Tuesday
morning showed.
Analysts had expected construction spending to rise 0.4% after a
flat reading for May. With the latest data, May construction was
revised to a 0.3% increase, while April spending was revised down to a
1.8% decrease from the 0.7% drop previously reported.
Private residential construction spending fell 0.2% in the month,
with new home building dropping 0.3% based on an MNI calculation.
Single-family building rose 0.3%, while multi-family building saw a
sharp decrease of 2.9%. Construction excluding new homes, which captures
remodelling was unchanged, following drops in both May and April.
Private nonresidential construction was up 0.1% in June. There were
gains in office, health care, educational, recreation, and communication
that more than offset declines in commercial, religious, transportation,
power, and manufacturing.
Public construction saw a significant 5.4% drop in June. State and
local government spending, the much larger portion of public
construction, was down 5.1% after a 1.4% increase in May, while Federal
government construction saw a steep decline of 9.3% in June after a 7.6%
rise in May.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$,MT$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.