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Construction spending rose in June

Aug. 1, 2012 at 11:16 AM

WASHINGTON, Aug. 1 (UPI) -- Construction spending rose 0.4 percent in June to $842.1 billion on a seasonally adjusted annual basis, the U.S. Census Bureau reported Wednesday.

Total construction spending in May was revised higher, from $830 billion to $838.3 billion, the bureau said.

Spending for June was 7 percent above June 2011, when $786.8 billion was spent on construction projects on a seasonally adjusted annual basis.

Spending on private construction was at a seasonally adjusted annual rate of $567.9 billion, 0.7 percent above May's revised estimate of $564.2 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $265.6 billion in June, a 1.3 percent jump from May's revised figure of $262.1 billion.

Non-residential private construction was at a seasonally adjusted annual rate of $302.3 billion in June, 0.1 percent above the $302.1 spent in May -- also a revised figure.

The estimated seasonally adjusted annual rate of public construction spending in June was $274.2 billion, slightly higher than the revised May estimate of $274.1 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $65.7 billion, 1.4 percent below the revised May estimate of $66.6 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $80.4 billion, 1.5 percent above the revised May estimate of $79.3 billion.

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