National nonresidential construction spending declined 0.9% in June, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau.
On a seasonally adjusted annualized basis, nonresidential spending totaled $779.9 billion for the month, down 6.6% from one year ago, according to ABC.
“Since achieving an all-time high in January 2020, nonresidential construction spending is down 12%,” ABC Chief Economist Anirban Basu said. “With each passing month, the deficit vis-à-vis the all-time high continues to expand. June was no exception, with both private and public nonresidential construction declining.