Posted To: MND NewsWire

June was yet another month when the only bright spot in the U.S. Census Bureau’s construction spending report was provided by the residential sector. Literally the ONLY bright spot. Total spending during the month on all construction was at a seasonally adjusted annual rate of $1.552 trillion, 0.1 percent higher than the rate in May and 8.2 percent higher than June 2021 spending. All 17 non-residential categories of construction posted year-over-year losses, ranging from fractional percentages to a 37.4 percent downturn in public safety spending and -26.6 percent for Lodging. Three other categories had double digit declines. Only nine of the 17 were unchanged or higher on a monthly basis and only two of the smallest had gains over 1.0 percent. On an unadjusted basis, spending for the month…(read more)

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Source: Mortgage News Daily