Construction Spending Down -0.3% to $2,148.4 Billion in June But Riding +6.2% YOY

Total construction spending during June 2024 was estimated at a seasonally adjusted annual rate of $2,148.4 billion, -0.3%  below the revised May estimate of $2,154.8 billion. The June figure is +6.2%  above the June 2023 estimate of $2,023 billion. During the first six months of this year, the U.S. Dept. of Census said construction spending amounted to $1,034.8 billion, +8.6% above the $952.5 billion for the same period in 2023.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,664.6 billion, -0.3% below the revised May estimate of $1,668.8 billion. Residential construction was at a seasonally adjusted annual rate of $928 billion in June, -0.3%  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%  below the revised May estimate of $737.7 billion.
On a YOY basis, data centers led all construction categories on a percent increasde basis with a +62.4% increase to $27,208 million. In June they were up +1.7% over May 2024. Manufacturing spending also remained strong when measured on a YOY basis with a +19.1% incrase to $234,782 million.

Public construction

In June, the estimated seasonally adjusted annual rate of public construction spending was $483.9 billion, -0.4% below the revised May estimate of $486.0 billion. Educational construction was at a seasonally adjusted annual rate of $101.9 billion, -0.9% below the revised May estimate of $102.8 billion. Highway construction was at a seasonally adjusted annual rate of $143.5 billion, -0.4% below the revised May estimate of $144.1 billion.