However, spending on private sector multifamily, office and hotel construction is up by double-digit percentages from a year ago, according to Census Bureau figures.
By Paul Bubny | GlobeSt.
In line with the moderating domestic growth suggested by Friday’s disappointing report on second-quarter GDP, construction spending declined 0.6% in June from the previous month, the Census Bureau said Monday. It was the third consecutive monthly decline in the seasonally adjusted annual rate. The construction spending report coincided with the Institute of Supply Management’s announcement that manufacturing grew at a slower pace in July than it had in June.
At a seasonally adjusted annual rate of $1.133 trillion, the June construction tally came in below a consensus estimate for 0.5% growth, Reuters reported Monday. However, it represented a year-over-year increase of 0.3%.
