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Construction spending falls 1.8% from May in biggest drop since Jan. 2011

Construction spending in June up 5.5% year-over-year

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Construction spending in June came in at a seasonally adjusted annual rate of $950.2 billion, down 1.8% from the revised May estimate of $967.8 billion, but 5.5% above the June 2013 estimate of $900.3 billion.

It's the biggest monthly drop since January 2011.

During the first 6 months of this year, construction spending amounted to $445.1 billion, 7.8% above the $413 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $685.5 billion, 1% below the revised May estimate of $692 billion.

Residential construction was at a seasonally adjusted annual rate of $355.9 billion in June, 0.3% below the revised May estimate of $357 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $329.5 billion in June, 1.6% below the revised May estimate of $335 billion.

In June, the estimated seasonally adjusted annual rate of public construction spending was $264.7 billion, 4% below the revised May estimate of $275.7 billion. 

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