Construction spending during June 2024 was estimated at a seasonally adjusted annual rate of $2,148.4 billion, 0.3 percent below the upward revised May estimate of $2,154.8 billion. However, the June ’24 figure is 6.2 percent above the June 2023 estimate of $2,023.0 billion. Notwithstanding the recent softness – construction spending amounted to $1,034.8 billion, a healthy 8.6 percent above the $952.5 billion for the same six-month period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,664.6 billion, 0.3 percent below the revised May estimate of $1,668.8 billion. Residential construction was at a seasonally adjusted annual rate of $928.0 billion in June, 0.3 percent below the revised May estimate of $931.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $736.6 billion in June, 0.1 percent below the revised May estimate of $737.7 billion.
Public Construction
In June, the estimated seasonally adjusted annual rate of public construction spending was $483.9 billion, 0.4 percent below the revised May estimate of $486.0 billion. Educational construction was at a seasonally adjusted annual rate of $101.9 billion, 0.9 percent below the revised May estimate of $102.8 billion. Highway construction was at a seasonally adjusted annual rate of $143.5 billion, 0.4 percent below the revised May estimate of $144.1 billion.
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