Investment in building construction grew 2.8% to $21.4 billion in June, after a slight increase of 0.8% in May. These increases partly reflect April's record high of $13.4 billion in total building permits value, since investment levels for a given period are driven by permits issued in prior months.
The June increase in investment in building construction was primarily driven by the residential sector (+3.8% to $15.0 billion), while the gains in the non-residential sector (+0.4% to $6.4 billion) were modest.
Year over year, investment in building construction rose 10.0% in June, following a 7.0% increase in May.
On a constant dollar basis (2017=100), investment in building construction was up 2.6% to $13.0 billion in June, compared with the previous month, and 6.8% year over year.
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