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June Construction Spending Buoyed by Public Sector
Monday, August 3, 2015
Public monies shored up construction spending figures in
June, just barely making up for a drop in expenditures from the private
sector. The U.S. Census Bureau said that
overall construction spending rose a scant 0.1 percent from May to June with
private construction spending down 0.5 percent and public spending rising 1.6
percent.
Overall construction spending was at a seasonally adjusted
annual rate of $1,064.6 billion in June compared to a revised May estimate of
1,063.5 billion. The June figure is 12
percent higher than a year earlier when total expenditures were at a rate of
$950.3 billion. It was the fourth
consecutive month that the rate of annual spending topped a trillion dollars.
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