Construction spending slowed in July for the third time in four months, landing at a seasonally adjusted annual level (SAAL) of $1,211.5 billion, according to the Census Bureau. June’s spending estimate was revised down to a rate of $1,219.3 billion. July’s figure is 1.8% greater than the July 2016 estimate of $1,189.8 billion.
Total private construction was $945.5 billion SAAL, a 0.4% decrease from the revised June estimate of $949.4 billion. Total private construction is 4.1% higher than the July 2016 figure.
Private residential construction was $517.5 billion SAAL, 0.8% above June’s upwardly revised rate. July’s figure is 11.6% greater than its July 2016 estimate. Private residential construction increased in each of the past three months.
Private nonresidential construction was $428.0 billion, 1.9% below June’s downwardly revised estimate. Declines in commercial construction led the way, falling 4.7% over the month. July’s estimate is 1.1% greater than the July 2016 figure.
Public construction decreased 1.4% to $266.0 billion SAAL. July’s figure is 5.6% below the July 2016 estimate.
Read the Census release.