The U.S. Census Bureau launched a new experimental data product that features monthly construction spending estimates for private manufacturing. These estimates measure the construction work done on private new manufacturing structures or improvements to existing structures and include the cost of labor and materials, architectural and engineering work, overhead, interest, taxes paid during construction and contractor’s profits.
Construction spending in June slipped 1.3% from the previous month’s level, to an estimated $1.206-trillion annual rate but the total rose 1.6% year over year, the Commerce Dept. has reported.