US June construction spending +0.5% vs +0.6% expected

• US construction spending for June % versus 0.9% expected
• total construction spending $1,938.4 billion versus $1,929.6 billion last month
• Construction spending year on year +3.5% vs +2.4% prior
• private construction +0.5% vs +1.1% prior
• residential construction +0.9% vs +2.2% prior
• nonresidential construction 0.0% vs +0.3% prior

There is an ongoing building boom in certain sectors due to the IRA and CHIPS acts in the US. That could be augmented by a resurgence in residential construction in the coming year as builders grow increasingly confident that high rates won't result in a housing crash.