Total U.S. July Construction Spending 0.3% Higher Month-Over-Month and 9.0% Higher Year-Over-Year

The U.S. Census Bureau has announced that total construction spending during July 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,568.8 billion, 0.3% above the revised June estimate of $1,563.4 billion. The July figure is 9.0% above the July 2020 estimate of $1,439.6 billion. During the first seven months of this year, construction spending amounted to $883.2 billion, 6.2% above the $831.5 billion for the same period in 2020.

Private construction spending was at a SAAR of $1,231.0 billion, 0.3% above the revised June estimate of $1,2227.8 billion. Residential construction was at a SAAR of $773.0 billion in July, 0.5% above the revised June estimate of $768.9 billion. Nonresidential construction was at a SAAR of $458.0 billion in July, -0.2% below the revised June estimate of $458.9 billion.

In July, the estimated SAAR of public construction spending was $337.8 billion, which was 0.7% above the revised June estimate of $335.6 billion. Educational construction was at SAAR of $79.7 billion, -0.5% below the revised June estimate. Highway construction was at a SAAR of $94.5 billion, 1.9% above the revised June estimate.