Construction spending fell sharply in June

Outlays for construction projects fell a sharp 1.1% in June at a seasonally adjusted annual rate of $1.76 trillion, the Commerce Department reported Monday.

Economists polled by the Wall Street Journal had expected a 0.4% increase.

Spending in May rose a revised 0.1% to $1.782 trillion, up from the prior estimate of a 0.1% drop to $1.780 trillion.

Over the past year, construction spending was up 8.3%.

Total private construction was down 1.3% in June. Private residential construction fell 1.6%, while private nonresidential spending fell 0.5%.

Total public construction fell 0.5%. Residential public construction rose 0.5%, while nonresidential public construction was down 0.5% last month.

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