US Construction Spending Increases 0.7% Month-Over-Month in June

On Friday (9-1-23), the US Census Bureau reported that total construction spending during July was estimated at a seasonally adjusted annual rate (SAAR) of $1,972.6 billion, 0.7% above the revised June estimate of $1,958.9 billion. The July figure is 5.5% above the July 2022 estimate of $1,869.3 billion.

During the first seven months of 2023, construction spending amounted to $1,101.5 billion, 3.7% above the $1,062.1 during the same period in 2022.

Private construction spending in July was at a SAAR of $1,548.9 billion, 1.0% above the revised June estimate of $1,533.7 billion. Residential construction was at a SAAR of $879.0 billion, 1.4% above the revised June estimate of $866.8 billion. Nonresidential construction was at a SAAR of $670.0 billion, 0.5% above the revised June estimate of $666.9 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, 0.4% above the revised June estimate of $425.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.8 billion, 0.1% above the revised June estimate of $89.7 billion. Highway construction was at a SAAR of $128.1 billion, 0.6% below the revised June estimate of $128.9 billion.