Washington, August 2 (FFN) – US construction spending unexpectedly declined in June, with May’s figures also revised downward significantly. The US Department of Commerce reported this week, with data released by RTTNews.
The department announced that US construction spending fell by 0.3% month-over-month in June. Additionally, the department revised May’s data downward, from an initial estimate of a 0.1% decline to a revised 0.4% decrease.
The June results surprised economists who had forecast a 0.2% increase in spending based on the original, slightly negative May figure.
The decline affected both private and public sector spending. Private spending fell by 0.3%, with residential construction mirroring this decline. Non-residential spending also decreased, albeit by a smaller 0.1%.
Public sector spending dropped by 0.4%, primarily due to a 0.9% decline in education spending. Highway construction spending also decreased by 0.3%.
