Construction Spending Fell 0.6% in July

Construction spending fell 0.6% in July to a seasonally adjusted annual rate of $1,211.5 billion, according to the latest report from the U.S. Census Bureau.  June’s estimate was revised up from $1,205.8 billion to $1,219.2 billion and May’s estimate was revised up from $1,221.6 billion to $1,236.7 billion. July’s estimate is has risen 1.8% from a year prior, with the July 2016 estimate at $1,189.8 billion.

For July, total nonresidential construction was at $688.4 billion down 1.7% from last month’s revised estimate of $700.3 billion and down 4.3% from a year ago. Total residential construction was at an estimated seasonally adjusted annual rate of $523.1 billion, a 0.8% increase from June and 11.2% higher over the past year.

Total construction put-in-place for the first seven months of 2017 totaled $691.2 billion. This is an increase of 4.7 % compared to the $659.9 billion spent between January and July 2016.

Private construction spending for July was at a seasonally adjusted annual rate of $945.5 billion. This is 0.4% below June’s estimate which was revised up from $940.7 billion to $949.4 billion. May’s estimate was revised up from $941.3 billion to $954.5 billion. Total private construction is up 4.1% from the $ 907.9 billion estimate for July 2016.

Private nonresidential construction spending was at a seasonally adjusted annual rate of $428.0 billion in July. This is 1.9% lower than June’s estimate which was revised down from $437.8 billion to $436.2 billion. May’s private nonresidential estimate was revised up from $437.3 billion to $443.1 billion.

Private residential construction was up 0.8% in July to a seasonally adjusted annual rate of $517.5 billion. June’s estimate was revised up from $502.9 billion to $513.2 billion and May’s estimate was revised up from $504.0 billion to $511.4 billion. Private residential construction is up 11.6% from a year ago. Private residential construction spending was $ 463.8billion in July 2016.

The seasonally adjusted annual rate of public construction spending was estimated at $266.0 billion for July. This is 1.4% lower than June’s estimate which was revised down from $265.1 billion to $270.0 billion. May’s public construction spending estimate was revised back up from $280.3 billion to $282.2 billion. Public construction spending is has dropped 5.6% over the past year. The July 2016 estimate for public construction was $281.9 billion.

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