U.S. spending on construction rose to 12% year-over-year in June according to the U.S. Commerce Department last Monday. Yet, this was the smallest gain in five months where spending in June was flat and only inched towards 0.1% to a seasonally adjusted annual rate of $1064.6 billion.
During the first six months of 2015, construction spending reached $482.7 billion, 8% above the $446.8 billion for the same period in 2014. June spending on private construction–which accounts for more than 70% of all construction spending–fell 0.5% from May, to a seasonally adjusted annual rate of $766.4 billion. Private construction includes commercial buildings, private schools, lodging and other non-residential private projects, as well as new single-family homes and apartments. Residential construction, at a seasonally adjusted annual rate of $371.6 billion, was 0.4% above May’s level, while non-residential construction stood at $394.8 billion in June, 1.3% below May’s pace.