The annual pace of construction spending topped $1 trillion for the 24th consecutive month in June 2006, rising 6.8% to a seasonally adjusted annual rate of $1.22 trillion, according to a recent report by the U.S. Census Bureau. Construction spending totaled $569.3 billion during the first half of 2006, up 8.5% over construction spending during the same period in 2005. The annual pace of total construction spending has remained above $1 trillion since July 2004.

During June 2006, residential construction spending remained unchanged compared with one year earlier, standing at a rate of $650.8 billion, while the value of nonresidential construction activity rose 15.8% to a rate of $566.5 billion.