Construction Spending Falls in July

09/02/2010

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion, one percent below the revised June estimate of $813.1 billion.

During the first 7 months of this year, construction spending amounted to $460.3 billion, 11.8 percent below the $522.0 billion for the same period in 2009.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $506.4 billion, 0.8 percent ( below the revised June estimate of $510.7 billion. Residential construction was at a seasonally adjusted annual rate of $240.3 billion in July, 2.6 percent below the revised June estimate of $246.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $266.1 billion in July, 0.8 percent above the revised June estimate of $264.0 billion.

PUBLIC CONSTRUCTION
In July, the estimated seasonally adjusted annual rate of public construction spending was $298.8 billion, 1.2 percent below the revised June estimate of $302.4 billion. Educational construction was at a seasonally adjusted annual rate of $73.0 billion, 0.1 percent below the revised June estimate of $73.1 billion. Highway construction was at a seasonally adjusted annual rate of $76.8 billion, 2.9 percent below the revised June estimate of $79.1 billion.