National Association of Home Builders analysis of Census Construction Spending data released Tuesday shows that total private residential construction spending stood at a seasonally adjusted annual rate of $US502.9 billion in June, 0.2 per cent lower than downwardly revised May estimates. It was the third consecutive monthly decrease after a strong start this year. Nevertheless, the total private residential construction spending was 9.2 per cent higher than a year ago.
US Residential Construction Spending
The monthly declines in US construction spending are largely attributed to the slow-down of multifamily construction spending. That slipped 2.9 per cent after a decrease of 3.1 per cent in May, but was 0.6 per cent higher since a year ago. Spending on single-family inched up 0.3 per cent this month, resuming its steady growth after a decline last month. Spending on improvements was unchanged for the month, but was 12.8 per cent higher since June 2016.