Widget Image
Follow PPD Social Media
Follow Us:
Thursday, July 2, 2020
HomeNewsEconomyConstruction Spending Scaled Back in July, Gaining at Slower Pace

Construction Spending Scaled Back in July, Gaining at Slower Pace

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

Construction spending was estimated at a seasonally adjusted annual rate of $1,315.4 billion in July, 0.1% higher than the revised estimate for June of $1,314.2 billion. That’s still 5.8% higher than the July 2017 estimate of $1,242.8 billion.

The forecast range was 0.1% to 2.3%, with the consensus calling for a 0.4% gain.

During the first 7 months of this year, construction spending amounted to $740.5 billion, or 5.2% higher than the $703.7 billion for the same period in 2017. The previous month was revised higher from -1.1% initially reported to -0.8%.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,010.9 billion, 0.1% below the revised June estimate of $1,011.9 billion. Residential construction was at a seasonally adjusted annual rate of $560.1 billion in July, which is still 0.6% above the revised June estimate of $556.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $450.9 billion in July, 1.0% below the revised June estimate of $455.3 billion.

Public Construction

In July, the estimated seasonally adjusted annual rate of public construction spending was $304.5 billion, 0.7% above the revised June estimate of $302.3 billion. Educational construction was at a seasonally adjusted annual rate of $71.6 billion, 2.1% above the revised June estimate of $70.1 billion.

Highway construction was at a seasonally adjusted annual rate of $94.2 billion, which is 0.4% higher than the revised June estimate of $93.8 billion

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial