Public funds buoy construction spending last month

ConstructionBy Jann Swanson | Mortgage News Daily

Public monies shored up construction spending figures in June, just barely making up for a drop in expenditures from the private sector.  The U.S. Census Bureau said that overall construction spending rose a scant 0.1 percent from May to June with private construction spending down 0.5 percent and public spending rising 1.6 percent.

Overall construction spending was at a seasonally adjusted annual rate of $1,064.6 billion in June compared to a revised May estimate of 1,063.5 billion.  The June figure is 12 percent higher than a year earlier when total expenditures were at a rate of $950.3 billion.  It was the fourth consecutive month that the rate of annual spending topped a trillion dollars.

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