June 2023 Construction Spending Update

June 2023 Construction Spending Updates:

Overall Construction Put in Place was up 1.2% in April 2023 and up 7.2% over the last year. This is an improvement over the 0.3%/3.8% numbers from last month.
Nonresidential monthly growth from March to April (1.9%) was up from the 0.7% growth seen between February and March 2023.
Residential spending ended its streak of declines growing 0.4% over the last month vs. a -0.2% decline seen between February and March 2023.
Overall, the rate of construction spending growth increased over the last month compared to the previous month’s data.