July U.S. Construction Spending Up 1.8% Year-Over-Year

Though spending was down slightly from June, year-to-date spending through July was up 4.7 percent compared to 2016.

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The U.S. Census Bureau announced the following value put in place construction statistics for July 2017:

Total Construction
Construction spending during July 2017 was estimated at a seasonally adjusted annual rate of $1,211.5 billion, 0.6 percent (±1.5 percent) below the revised June estimate of $1,219.2 billion. The July figure is 1.8 percent (±1.8 percent) above the July 2016 estimate of $1,189.8 billion. During the first 7 months of this year, construction spending amounted to $691.2 billion, 4.7 percent (±1.3 percent) above the $659.9 billion for the same period in 2016.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $945.5 billion, 0.4 percent (±1.0 percent) below the revised June estimate of $949.4 billion. Residential construction was at a seasonally adjusted annual rate of $517.5 billion in July, 0.8 percent (±1.3 percent)* above the revised June estimate of $513.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $428.0 billion in July, 1.9 percent (± 1.0 percent) below the revised June estimate of $436.2 billion.

Public Construction
In July, the estimated seasonally adjusted annual rate of public construction spending was $266.0 billion, 1.4 percent (±2.6 percent) below the revised June estimate of $269.8 billion. Educational construction was at a seasonally adjusted annual rate of $66.2 billion, 4.4 percent (±3.9 percent) below the revised June estimate of $69.2 billion. Highway construction was at a seasonally adjusted annual rate of $84.8 billion, 0.1 percent (±6.9 percent) above the revised June estimate of $84.7 billion.

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