U.S. construction spending fell to a one-year low in June, weighed down by declines in outlays on private and public construction projects.
The Commerce Department said on Monday that construction spending dropped 0.7% to $1.355 trillion, the lowest level since June 2019. Data for May was revised to show construction outlays falling 1.7% instead of decreasing 2.1% as previously reported.
Economists polled by Reuters had forecast construction spending would rebound 1.0% in June. Construction spending edged up 0.1% on a year-on-year basis.
Spending on private construction projects slipped 0.7%. Spending on residential projects fell 1.5%, offsetting a 0.2% gain in outlays on nonresidential construction projects such as manufacturing and power plants.
Spending on public construction projects dropped 0.7%.