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Housing market slowdown drags on construction sector in June
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Scotsman Guide
Residential construction spending continued to fall in June, according to government estimates published Monday.
The decline came amid a broader slowdown in construction spending in June, which declined 0.1% from May and 3.2% from a year ago to land at about $2.16 trillion, according to the U.S. Census Bureau’s updated figures.
Economists polled by Reuters had forecast a 0.1% monthly rise in total construction spending.
Overall spending on residential construction notched its fourth consecutive month of declines, sliding to a seasonally adjusted annual rate of roughly $889.3 billion to close out the second quarter.
Across the private sector, which represents the bulk of residential construction spending, the annual pace of single-family investments in June declined 0.6% from May and approximately 3.3% from year-ago levels, underscoring persistent softness.