U.S. construction spending dropped in June

WASHINGTON, Aug. 1 (UPI) -- Spending on private and public construction in the United States fell in June, the U.S. Commerce Department said Friday.

Private construction, at a seasonally adjusted annual rate of $780.6 billion, fell 0.4 percent less than the revised May figure of $783.9, the report said.

Residential private construction fell 1.8 percent in June with seasonally adjusted annual spending at $372.5 billion.

Nonresidential private spending on construction project rose 0.8 percent on the month to an adjusted annual rate of $408.1 billion.

Public construction fell 0.2 percent below a revised May figure of $301.8 billion. Educational construction also fell, down 1.5 percent to an adjusted annual rate of $84.4 billion.

Highway construction outlays fell 1.4 percent to an adjusted annual rate of $74.9 billion, the government said.