Construction spending in June missed matching the May level by 1.3 percent. Total spending by both public and private sources was at a seasonally adjusted annual rate of $1.287 trillion compared to that in May at the rate of $1.303 trillion. June's construction value was also lower than in June 2018 by 2.1 percent.
On a non-seasonally adjusted basis, spending totaled $116.381 billion compared to $113.479 billion in May. On a year-to-date (YTD) basis spending is down 0.5 percent compared to 2018. There was $615.779 billion spent on all construction through the first half of this year.
Seasonally adjusted annual spending by the private sector was $962.943 billion in June, an 0.4 percent decline from the $966.990 billion rate in May. The rate was 4.6 percent lower than the rate the prior June. Spending for the YTD is off by 3.5 percent from the pace during the same period last year, $466.726 billion against $483.657 billion in 2018.
Residential expenditures are slowing even more dramatically. Spending in that sector was at a rate of $507.231 billion in June, down 0.5 percent for the month but 8.1 percent lower on an annual basis. Single-family construction spending fell 0.7 percent from May to $263.582 billion and is off by 8.5 percent year-over-year. Multifamily spending, on the other hand, is up 0.2 percent and 11.5 percent from the two earlier periods to a rate of $66.198 billion.
On an unadjusted basis there was $46.627 billion spent on residential construction in June, up from $45.101 billion the previous month. However, YTD spending, at $243.465 billion, is down 7.8 percent from the first six months of last year. Single-family construction put in place in June had a value of $23.500 billion with $16.151 billion spent thus far in 2019. This is 7.0 percent less than was spent in the same period in 2018. Multifamily spending for the year to date is up 8.8 percent to $32.072 billion.
Spending in the public sector was at an annual rate of $324.055 billion in June, down 3.7 percent from May but representing a year-over-year increase of 6.4 percent. Spending on a YTD basis is up by 10.1 percent.
Residential spending in the public sector, at a rate of $6.013 billion is down 2.7 percent and 7.0 percent from the two earlier periods and the $2.961 billion spent so far this year is 6.8 percent less than spent during the first half of 2018.