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Financial News: U.S. Construction Spending Unexpectedly Slumps 1.1% In Jun

U.S. Construction Spending Unexpectedly Slumps 1.1% In June

08/01/2018 - 10:38:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. showed a significant decrease in the month of June, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said construction spending slumped by 1.1 percent to an annual rate of $1.317 trillion in June from a revised rate of $1.332 trillion in May.

While economists had expected construction spending to rise by 0.3 percent, the revised data for May showed a 1.3 percent jump in spending compared to the previously reported 0.4 percent increase.

The pullback in construction spending was partly due to a drop in spending on private construction, which fell by 0.4 percent to a rate of $1.020 trillion in June.

Spending on residential construction slid by 0.5 percent to a rate of $568.3 billion, while spending on non-residential construction dipped by 0.3 percent to a rate of $451.5 billion.

The report also said spending on public construction tumbled by 3.5 percent to a rate of $297.4 billion, as spending on educational construction plunged by 11.0 percent and spending on highway construction dropped by 1.3 percent.

Compared to the same month a year ago, the Commerce Department said total construction spending in June was up by 6.1 percent.

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