Construction in New York. Photo: John Lamparski/SOPA Images/LightRocket via Getty Images
Outlays for construction projects fell 0.7% in June, the fourth straight month spending outlays have fallen, according to the Commerce Department.
By the numbers: Residential construction fell 1.5%, while spending on public construction projects dropped 0.7%.
Yes, but: Construction spending overall is still up from its 2019 levels — one of the few industries that has held up dollar for dollar from its 2019 numbers through the coronavirus pandemic.
- Even after four straight months of declines, spending is up 0.1% from where it was in June 2019.
- And construction spending at the end of June was 5% higher than it was through the first six months of 2019.