On Wednesday, the US Census Bureau of the Department of Commerce announced that construction spending during June 2012 was estimated to be an annual rate of $842.1 billion, 0.4 percent above the May level and 7 percent higher than in June 2011. During the first six months of this year, construction spending amounted to $387.1 billion, 9 percent above the $355.1 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $567.9 billion, 0.7 percent above the revised May estimate of $564.2 billion. Residential construction was at a seasonally adjusted annual rate of $265.6 billion in June, 1.3 percent above the revised May estimate of $262.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $302.3 billion in June, 0.1 percent above the revised May estimate of $302.1 billion.
In June, the estimated annual rate of public construction spending was $274.2 billion, nearly the same as the revised May estimate of $274.1 billion. Educational construction was at a seasonally adjusted annual rate of $65.7 billion, 1.4 percent below the revised May estimate of $66.6 billion.