Construction Spending Up Fractionally in July but Up 4% Year-Over-Year July 2019 to July 2020

The U.S. Census Bureau has announced that construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1% above the revised June estimate of $1,362.8 billion. The July figure is -0.1% below the July 2019 estimate of $1,366.0 billion. During the first seven months of this year, construction spending amounted to $792.6 billion, 4.0% above the $761.9 billion for the same period in 2019. Spending on private construction was at a seasonally adjusted annual rate of $1,013.5 billion, 0.6% above the revised June estimate. Residential construction was at a seasonally adjusted annual rate of $546.6 billion in July, 2.1% above the revised June estimate. Nonresidential construction was at a seasonally adjusted annual rate of $466.9 billion in July, -1.0% below the revised June estimate. In July, the estimated seasonally adjusted annual rate of public construction spending was $351.1 billion, -1.3% below the revised June estimate of $355.6 billion. With educational -3.0% and highway construction -3.1%, below June’s levels.