During the first half of the year, construction spending in the U.S. ran 5.4% below the comparable period in 2007, the U.S. Census Bureau reported earlier this month. The estimate has a margin of error of +/-1.6%, according to the Bureau.
Construction spending totaled $514.2 billion this year, as compared to $543.6 billion for the same period last year. June construction was estimated at a seasonably adjusted annual rate of $1,081.9 billion. That is slightly lower0.4%than the May estimate.
Overall private construction spending was at a seasonally adjusted annual rate of $780.6 billion, slightly below the May estimate.
Private non-residential construction in June was at a seasonally adjusted annual rate of $408.1 billion, slightly above the May estimate.
Total public construction for the month was $301.3 billion, also somewhat below the estimate in June.
To no one's surprise, private residential construction suffered the worst decline year-over-year. June 2008 spending was $372.4 billion versus $508.1 billion in June 2007, a drop of 26.7%.