Labor Shortages, Material Costs, Cause Construction Stumble in June

Posted To: MND NewsWire

Construction spending fell unexpectedly in June. The U.S. Census said overall spending was down 1.1 percent from the May estimate to a seasonally adjusted annual rate of $1.332 trillion. Spending was still higher, by 6.1 percent, than the June 2017 annual rate of $1.241 trillion. The loss was somewhat mitigated by a substantial revision to the May numbers. Originally estimated at a rate of $1.310 billion, an 0.4 percent increase from April, the total was revised up to $1.332.2 billion, a healthy 1.35 percent gain. Analysts had expected a small gain in June. Those polled by Econoday reached a consensus of an 0.3 percent uptick, although the estimates ranged from an 0.3 percent loss to a positive 1.1 percent. On a non-adjusted basis total construction spending in June was $118.896 billion compared...(read more)

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