Could some of the most in-demand housing markets be cooling off?
Commerce Department: Construction spending up in June
United States builders began more nonresidential construction in June, pushing construction spending higher for a third consecutive month.
construction, construction spending, nonresidential construction, residential
United States builders began more nonresidential construction in June, pushing construction spending higher for a third consecutive month, according to the Seattle PI.
Construction spending rose 0.2 percent in June to a seasonally adjusted annual rate of $772.3 billion, the Commerce Department reported Monday. That put overall spending 1.2 percent higher than the 11-year low hit in March.
In June, residential construction declined, reflecting a drop in apartment construction, and spending on government building projects also fell. But private nonresidential activity rose to the highest level since late 2010.
In June, private residential construction dropped 0.3 percent to a seasonally adjusted $235.8 billion with a 0.3 percent rise in single-family home building offset by a 2.8 percent drop in the apartment sector.