Nonresidential construction spending decreased 0.1% from May to June and is down 0.5% compared with June 2024, according to Associated Builders and Contractors.
For public construction, spending was up 0.1% for the month and is up 5.1% year to date. Private nonresidential spending decreased 0.3% from May to June and is down 4% year to date. Spending was down for the month in nine of the 16 nonresidential subcategories.
“Nonresidential construction spending declined in June and has now contracted in six of the past seven months,” said ABC Chief Economist Anirban Basu. “Recent declines would be worse if not for ongoing increases in public nonresidential spending, which has risen 5.1% over the past year, significantly outperforming the 4% annual decline in private nonresidential activity. While ABC members remain optimistic about the second half of the year, according to ABC’s Construction Confidence Index, recent data pertaining to both the construction industry and the broader economy suggest weakness could persist in the months to come.”
