US Construction Spending Declines 0.3% in July

On Tuesday, the US Census Bureau reported that total construction spending during July was estimated at a seasonally adjusted annual rate (SAAR) of $2,162.7 billion, 0.3% below the revised June estimate of $2,169.0 billion. However, the July figure is 6.7% above the July 2023 estimate of $2,027.4 billion.

During the first seven months of this year, construction spending amounted to $1,237.5 billion, 8.8% above the $1,137.4 billion for the same period in 2023.

In July, private construction spending was at a SAAR of $1,678.7 billion, 0.4% below the revised June estimate of $1,685.5 billion. Residential construction was at a SAAR of $941.6 billion, 0.4% below the revised June estimate of $945.3 billion. Nonresidential construction was at a SAAR of $737.2 billion, 0.4% below the revised June estimate of $740.2 billion.

The estimated seasonally adjusted annual rate of public construction spending in July was $484.0 billion, 0.1% above the revised June estimate of $483.5.0 billion. Educational construction was at a SAAR of $100.8 billion, 0.9% below the June estimate of $101.8 billion. Highway construction was at a SAAR of $140.9 billion, 0.8% below the revised June estimate of $142.0 billion.