US Private Residential Construction Spending Falls for Fourth Consecutive Month in July
Private Residential Construction Spending Continues to Weaken
A closer look at the US Census Bureau’s latest construction spending report, with analysis from the National Association of Home Builders (NAHB), shows that private residential construction spending declined for a fourth consecutive month in July.
Spending was at a seasonally adjusted annual rate (SAAR) of $859.0 billion, down 1.3% from the revised June estimate and 7.3% from a year earlier.
NAHB said the monthly decline was driven entirely by single-family construction, where spending fell 3.2% and was down 6.5% year-over-year. Multifamily spending edged up 0.2% from June but remained 0.9% below its year-ago level.
Improvements spending rose 0.3% but declined 10.2% year-over-year. The Census Bureau also revised its previous estimates for improvements spending. May’s monthly decline was revised to 1.1% from 0.4%, while June was revised to a 0.8% decline from the initially reported 0.1% increase.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.