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Financial News: U.S. Construction Spending Unexpectedly Plunges 1.3% In Ju

U.S. Construction Spending Unexpectedly Plunges 1.3% In June

08/01/2019 - 10:42:00 (RTTNews)

(RTTNews) - Partly reflecting a steep drop in spending on public construction, the Commerce Department released a report on Thursday unexpectedly showing a sharp decline in total U.S. construction spending in the month of July.

The Commerce Department said construction spending plunged by 1.3 percent to an annual rate of $1.287 trillion in June after falling by 0.5 percent to a revised rate of $1.303 trillion in May.

Economists had expected construction spending to rise by 0.3 percent compared to the 0.8 percent drop originally reported for the previous month.

Spending on public construction led the way lower, tumbling by 3.7 percent to an annual rate of $324.1 billion in June.

The report said spending on educational construction showed a 6.8 percent nosedive to a rate of $73.0 billion, while spending on highway construction plummeted by 6.4 percent to a rate of $101.9 billion.

The Commerce Department said spending on private construction also fell by 0.4 percent to a rate of $962.9 billion in June.

Spending on residential construction slid by 0.5 percent to a rate of $507.2 billion and spending on non-residential construction dipped by 0.3 percent to a rate of $455.7 billion.

Compared to the same month a year ago, construction spending in June was down by 2.1 percent, with a 4.6 percent slump in spending on private construction more than offsetting a 6.1 percent jump in spending on public construction.

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