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June US Construction Spending Falls Unexpectedly, Residential Building Decline

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US construction spending fell by 0.1% in June, compared with a 0.2% increase expected in a survey compiled by Bloomberg as of 7:40 am ET and following a downwardly revised flat reading in May.

Private residential construction decreased by 0.3%, with single-family home construction down 0.6%, multi-family construction down 0.7%, and remodeling activity up 0.1%. Excluding the gain in remodeling, overall construction would have still been down 0.1%.

Private nonresidential construction rose by 0.1%, while public construction held virtually steady.

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