Posted To: MND NewsWire

Construction spending held firm in June, inching down fractionally from the May level and increasing a bit compared to June 2019. The U.S. Census Bureau said total spending during the month was at a seasonally adjusted annual rate of $1.355 trillion, down 0.7 percent from the $1.365 trillion spending rate in May. On an annual basis the rate was up 0.1 percent. On an unadjusted basis there was $123.377 billion spent compared to $117.226 billion the prior month. Spending for the first six months of the year was up 5.0 percent from the same period in 2019 at $667.920 billion. Privately funded construction expenditures were also down 0.7 percent month-over-month at a rate of $1.002 trillion compared to $1.009 trillion in May. The June rate was 1.9 percent lower on an annual basis. Private residential…(read more)

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Source: Mortgage News Daily