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U.S. Construction Spending Falls in June, Missing Estimates

By Xavier Fontdegloria

 

Construction spending in the U.S. fell in June, its first decline since September 2021, driven by a drop in residential construction.

Total construction spending fell 1.1% in June compared with the previous month, after increasing 0.1% in May, according to data from the Commerce Department released Monday. May's data was upwardly revised from an initial estimate of a 0.1% drop.

Economists polled by The Wall Street Journal expected a 0.4% increase.

Spending on private construction declined 1.3% on month, with spending on residential construction down 1.6% due to a 3.1% monthly drop in outlays on new single family projects.

Private spending on nonresidential construction fell by 0.5%, as did total public construction spending, the data showed.

 

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

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(END) Dow Jones Newswires

August 01, 2022 10:43 ET (14:43 GMT)

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