By: Kendall Jones on September 4th, 2018

Print/Save as PDF

U.S. Construction Spending Up 0.1% in July

Industry News | Blog Posts

Construction spending increased to a seasonally adjusted annual rate of $1,315.4 billion in July 2018. This is 0.1% higher than June’s estimate which was revised down from $1,317.2 billion to $1,314.2 billion, per the latest report from the U.S. Census Bureau. May’s estimate was revised back down from $1,332.4 billion to $1,324.3 billion.

The July estimate for total construction spending is 5.8% above where it was a year ago when the July 2017 estimate was $1,242.8 billion. Total construction put in place (CPIP) for the first seven months of 2018 totaled $740.5 billion. This is a 5.2% increase over the $703.7 billion spent from January through July 2017.

For July, total nonresidential construction spending was down 0.3% to a seasonally adjusted annual rate $748.8 billion. June’s estimate was revised up from $742.4 billion to $751.1 billion. May’s estimate was revised up again from $754.5 billion to $755.5 billion. Total nonresidential construction is up 5.3% from a year ago.

Total residential construction was at an estimated seasonally adjusted annual rate of $566.6 billion in July. This is 0.6% above June’s estimate which has been revised down from $574.8 to billion $563.2 billion. May’s estimate for total residential construction has also been revised down from $577.7 billion to $568.8 billion. Total residential spending has increased 6.6% over the last year.

Private construction spending fell to a seasonally adjusted annual rate of $1,010.9 billion in July. This is 0.1% below June’s estimate which has been revised down from $1,019.8 billion to $1,011.9 billion. May’s estimate for private construction spending has also been revised down from $1,023.9 billion to $1,016.8 billion. Total private construction spending is up 5.1% over the last 12 months.

During July, private nonresidential construction was at a seasonally annual adjusted rate of $450.9 billion. This is 1.0% lower than June’s estimate which was revised up from $451.5 billion to $455.3 billion. May’s estimate has been revised up again from$453.0 billion to $454.9 billion. Private nonresidential construction spending has increased 3.2% over the past year.

Private residential construction spending was at a seasonally adjusted annual rate of $560.1 billion for July. July’s estimate is 0.6% above June’s estimate which was revised down from $568.3 billion to 556.7 billion. May’s estimate was also revised back down from $570.9 billion to $561.9 billion. July’s annual rate for private residential construction is up 6.7% over the last year.

The seasonally adjusted annual rate for public construction spending in July was $304.5 billion. This is 0.7% higher than June’s estimate which has been revised up from $297.4 billion to $302.3 billion. May’s estimate for public construction spending was also revised up from $301.5 billion to $307.5 billion. July’s seasonally adjusted annual rate of public construction spending was up 8.3% from a year ago when the July 2017 estimate was $281.2 billion.