data: US Department of Commerce; graph: ForConstructionPros.com
The total value of construction put in place in the U.S. was essentially flat in June, eking out a 0.1% increase over nonresidential construction’s 0.9% slip. Residential construction continues to chug along, with spending rising 1.1% in June finishing the first six months of the year 24.5% higher than the first half of 2020.
Click on this graph to see a larger view.data: US Department of Commerce; graph: ForConstructionPros.com
Residential engine is sound
All of residential construction’s June spending gain came from single-family homes. Outlays for single-family homes rose 1.8%, and through the first half of the year are soaring 36.5% over the same period last year. Outlays for new private multifamily projects fell 0.1% in June, but remain up 19.5% through the first six months of the year. Spending for private residential renovations and repairs rose 0.4% in June and have risen 12.1% year-over-year, on a year-to-date basis.