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Residential Construction Spending Rises in June

first_img in Daily Dose, Data, Government, Headlines, News Share Construction spending received more funds in June 2015, rising 0.1 percent to a seasonally adjusted annual rate of $1,064.6 billion, according to the U.S. Census Bureau of the Department of Commerce June 2015 construction spending data.This June rate was 0.1 percent above the revised May estimate of $1,063.5 billion, and 12 percent above the June 2014 estimate of $950.3 billion, the Bureau reported.Construction spending has increased for six consecutive months this year and amounted to $482.7 billion during this time period. This total was 8 percent above the $446.8 billion worth of construction spending for the same period in 2014.According to the Census Bureau, spending on private construction was at a seasonally adjusted annual rate of $766.4 billion, 0.5 percent below the revised May estimate of $770 billion. Residential construction was at a seasonally adjusted annual rate of $371.6 billion in June, 0.4 percent above the revised May estimate of $370.0 billion., while nonresidential construction was at a seasonally adjusted annual rate of $394.8 billion in June, 1.3 percent below the revised May estimate of $400.0 billion.In June, the estimated seasonally adjusted annual rate of public construction spending was $298.2 billion, 1.6 percent above the revised May estimate of $293.5 billion, the Bureau said. Educational construction was at a seasonally adjusted annual rate of $67.2 billion, 0.2 percent above the revised May estimate of $67.1 billion. Highway construction was at a seasonally adjusted annual rate of $90.9 billion, 1.2 percent above the revised May estimate of $89.8 billion.Last week, Zillow reported that low inventory in the housing market has increased competition among home shoppers. Hopefully, with more money being poured into construction spending, inventory will see some positive gains.According to the first quarter Zillow Real Estate Market Report, there were fewer homes for sale in June than one year ago and much of the decline came from the lowest-valued homes sought by first-time homebuyers.”Historically low mortgage rates continue to keep overall ownership affordability very good by historical standards, making it a great time to buy a home, especially with rent becoming increasingly unaffordable,” said Zillow Chief Economist Stan Humphries. “Finding a house is the last hurdle for many buyers who have saved a down payment and gotten pre-approved for a mortgage. But low inventory levels like those we’re seeing across the country can bring the home-buying process to a screeching halt. In many markets, there just isn’t a lot to choose from in terms of homes on the market.”Click here to view the U.S. Census Bureau of the Department of Commerce June 2015 construction spending data. Construction Spending Private Construction Spending Residential Construction Spending U.S. Census Bureau Department of Commerce 2015-08-03 Staff Writercenter_img August 3, 2015 446 Views Residential Construction Spending Rises in Junelast_img read more