U.S. construction spending fell for a third month in July, according to figures shared Sept. 3 by the U.S. Census Bureau.
Spending in July was estimated at a seasonally adjusted annual rate of $2.162 trillion, 0.3% below the revised June estimate. Economists Dow Jones Newswires and The Wall Street Journal had forecast a spending decrease in July of 0.1% month-to-month. June’s figure was revised up from its previous 0.3% decline to flat.
Year-over-year, the July figure was up 6.7% year-over-year.
source: tradingeconomics.com
Year-to-date, spending through the first seven months of 2024 was 8.8% above the same period in 2023.
Private Construction
July spending on private construction was at a seasonally-adjusted annual rate of $1.678 trillion, 0.4% below the revised June estimate. Residential construction was at a rate of $941.6 billion, 0.4% below the revised June estimate, while nonresidential construction’s rate of $737.2 billion was down 0.4%.
Public Construction
July spending on public construction was at a seasonally-adjusted annual rate of $484.5 billion, 0.1% above the revised June estimate. Educational construction was at a rate of $100.8 billion, 0.9% below the revised June estimate, while highway construction’s rate of $140.9 billion was down 0.8%.
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