U.S. private residential construction spending slips 0.3% in June to $877.1 billion SAAR as remodeling revised lower
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US private residential construction spending fell 0.3% m/m in June and 4.7% y/y, with large downward revisions to remodeling outlays signaling weaker housing-investment momentum. Single-family and multifamily spending also declined, reinforcing the drag from higher rates and policy uncertainty. The data are negative for US housing-related cyclicals and lenders tied to mortgage and construction activity, while highlighting a relative bright spot in nonresidential data-center spending.
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U.S. private residential construction spending fell 0.3% in June to a seasonally adjusted annual rate (SAAR) of $877.1 billion, down 4.7% from a year earlier, according to the U.S. Census Bureau. Remodeling spending edged up 0.1% on the month but was 7.2% lower than a year earlier, while multifamily construction outlays slipped 0.7% from May and 1.5% year over year. The data point to fading momentum in residential investment, adding pressure on related traditional assets.
