Men work on a construction site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. (Photo: Reuters)
The U.S. Census Bureau on Friday said construction spending in the U.S. during July was estimated at a seasonally adjusted annual rate of $1,211.5 billion, 0.6% (±1.5%). That’s below the revised June estimate of $1,219.2 billion.
The July figure is 1.8% (±1.8%)* above the July 2016 estimate of $1,189.8 billion. During the first 7 months of this year, construction spending increased to $691.2 billion, or 4.7% (±1.3%) higher than the $659.9 billion gauged for the same period in 2016.
Private construction spending was at a seasonally adjusted annual rate of $945.5 billion, 0.4% (±1.0%)* below the revised June estimate of $949.4 billion. Residential construction was at a seasonally adjusted annual rate of $517.5 billion in July, 0.8% (±1.3%)* above the revised June estimate of $513.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $428.0 billion in July, 1.9% (± 1.0%) below the revised June estimate of $436.2 billion.
The estimated seasonally adjusted annual rate of public construction spending was $266.0 billion, 1.4% (±2.6%)* below the revised June estimate of $269.8 billion. Educational construction was at a seasonally adjusted annual rate of $66.2 billion, a 4.4% (±3.9%) decline from the revised June estimate of $69.2 billion. Highway construction was at a seasonally adjusted annual rate of $84.8 billion, a gain of 0.1% (±6.9%)* from the revised June estimate of $84.7 billion.
