While construction spending nationwide slightly dipped month-over-month in June, spending was up during the first half of the year compared to a year ago as well as on a year-over-year basis. According to a recent press release by the US Census Bureau of the Department of Commerce, construction spending in June was 1.8% less than the month before. Nevertheless, construction spending in June was up 5.5% compared to June 2013 with the first 6 months of 2014 seeing 7.8% greater construction spending than the same time last year.
Private residential construction remained level in June compare to May, slightly dipping by 0.2%. Compared to a year ago, private residential construction in June was up 7.1%. In the public residential construction arena, June spending was only down by 0.3% compared to May, but 7.4% greater than June 2013. Month-over-month, new single-family construction declined by 1.4%, but was 8.5% greater than last year. New multi-family construction saw monthly and annual increases with June spending 2.5% greater than May and 33.2% greater than June 2013. Read the full press release at http://1.usa.gov/18plUiB.