Completed construction nearly flat in June

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The U.S. Census Bureau of the Department of Commerce announced that construction spending during June 2009 was estimated at a seasonally adjusted annual rate of $965.7 billion, 0.3 percent above the revised May estimate of $963.2 billion but 10.2 percent below the June 2008 estimate of $1.076 trillion. During the first six months of this year, construction spending amounted to $455.6 billion, 11.4 percent below the $514.4 billion for the same period in 2008.

Spending on private construction was at a seasonally adjusted annual rate of $643.9 billion, 0.1 percent below the revised May estimate. Residential and nonresidential construction both were 0.5 percent above the revised May estimates. The estimated seasonally adjusted annual rate of public construction spending was $321.7 billion, 1 percent above the revised May estimate.