August 1, 2011 (Shirley Allen)
Private residential construction spending declined 0.3 percent to a seasonally adjusted annual rate of $235.8 billion in June compared to a revised estimate of $236.5 billion in May according to the U.S. Census Bureau. Overall private construction spending was up 0.8 percent, from a seasonally adjusted $489.6 billion in May to $493.4 billion in June.
Private construction spending on new single-family homes increased 0.3 percent from May to June to a seasonally adjusted rate of $105.3 billion. May’s estimate was downwardly revised from $105.2 billion to $105.0 billion. Single-family home construction spending was down 10.6 percent compared to June of 2010, which recorded construction spending at a seasonally adjusted rate of $117.7 billion
Multi-family private construction spending declined 2.8 percent from May to June, to a seasonally adjusted annual rate of $13.2 billion. May’s estimate was upwardly revised from $13.2 billion to $13.6 billion. Multi-family spending was down 10.4 percent compared to June 2010 which saw spending at a seasonally adjusted annual rate of $14.7 billion.
The remainder of the private residential construction spending in June, $117.3 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was a decrease from an upwardly revised 117.9 billion in May and a decrease from $118.5 billion spent in June of 2010.
Tags: Census Bureau, residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions