Private Construction Spending Grew but Public Spending fell in July

Construction spending grew 0.7 percent in July to $1,083.4 billion (SAAR). June spending was revised up from $1,064.6 to $1,075.9 billion, meaning 0.7 percent growth in June as well. Construction spending during the first 7 months of 2015 amounted to $583.2 billion, 9.3 percent higher than in the first 7 months of 2014.

Total private construction spending rose to $787.8 billion (SAAR), 1.3 percent above June’s revised estimate of $777.4 billion.

Private residential construction spending rose to $380.8 billion (SAAR), 1.1 percent above June’s revised estimate, as construction of single family homes increased by 2.1 percent.

Private non-residential construction spending rose to $407.0 billion (SAAR), up 1.5 percent from June’s estimate, as construction related to manufacturing, power, and communications showed positive increases during the month.

Public construction spending fell 1.0 percent to $295.6 billion (SAAR). Though public construction spending fell across the board, the most notable declines were in the educational and amusement and recreation construction sectors.

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Tim Nicholson

Tim Nicholson is an economic research associate at ABA.