The index, which peaked in December 2022 and typically leads actual construction spending by 12 months, fell for the fourth straight month. It followed a larger 6.1% decline in May.
Meanwhile, architectural activity, which also provides a forward-looking gauge for upcoming construction work, was mixed. The Architectural Billings Index rose back into positive territory in its most recent report. But billings dropped for the ninth consecutive month at firms with a commercial specialization, according to the American Institute of Architects, providing more evidence that commercial activity is waning.
