Total Construction Spending Down 2.7% Year-Over-Year
The U.S. Census Bureau estimated total construction spending at a seasonally adjusted annual rate of $1,288.8 billion, or 0.1% (±1.3%) above the upwardly revised June estimate of $1,288.1 billion. Construction spending for July is 2.7% (±1.6%) below the July 2018 estimate of $1,324.8 billion.
Monthly forecasts ranged from a low of 0.2% to a high of 0.7%, with the consensus forecast coming in at 0.3%.
| Construction Spending (July) | Prior | Revised | Consensus Forecast | Forecast Range | Actual |
| M/M ∆ | -1.3% | -0.7 | 0.3% | 0.2% to 0.7% | 0.1% |
| Y/Y ∆ | -2.1% |
During the first seven months of this year, construction spending amounted to $733.8 billion, 2.1 percent (±1.2 percent) below the $749.9 billion for the same period in 2018.
Private Construction
Spending on private construction was estimated at a seasonally adjusted annual rate of $963.1 billion, down 0.1% (±0.7%)* from the revised June estimate of $963.7 billion.
Residential construction was estimated at a seasonally adjusted annual rate of $506.7 billion in July, up 0.6% (±1.3%)* from the revised June estimate of $503.5 billion.
Nonresidential construction was estimated at a seasonally adjusted annual rate of $456.4 billion in July, down 0.8% (±0.7%) from the revised June estimate of $460.2 billion.
Public Construction
In July, the estimated seasonally adjusted annual rate of public construction spending was $325.7 billion, or 0.4% (±2.5%)* higher than the revised June estimate of $324.3 billion.
Educational construction was estimated at a seasonally adjusted annual rate of $73.3 billion, or 1.6% (±2.8%)* higher than the revised June estimate of $72.1 billion.
Highway construction was estimated at a seasonally adjusted annual rate of $97.0 billion, down 2.7% (±6.4%)* from the revised June estimate of $99.7 billion.
*The 90 percent confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero.
