Construction Spending Slips in July


The U.S. Census Bureau of the Department of Commerce reported that construction spending during July 2011 was estimated at a seasonally adjusted annual rate of $789.5 billion, 1.3 percent below the revised June estimate of $799.8 billion. The July figure is 0.1 percent above the July 2010 estimate of $789.0 billion. During the first 7 months of this year, construction spending amounted to $435.5 billion, 3.5 percent below the $451.2 billion for the same period in 2010.

Highway construction came in at a seasonally adjusted annual rate of $266.4 billion in July, 0.4 percent below the revised June estimate of $267.3 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $275.0 billion, 2.1 percent below the revised June estimate of $280.8 billion. Educational construction was at a seasonally adjusted annual rate of $67.2 billion, 4.3 percent below the revised June estimate of $70.2 billion. Nonresidential construction was a seasonally adjusted annual rate of $74.9 billion, 0.5 percent above the revised June estimate of $74.5 billion.

Spending on private construction was at a seasonally adjusted annual rate of $514.5 billion, 0.9 percent below the revised June estimate of $519.0 billion. Residential construction was at a seasonally adjusted annual rate of $248.1 billion in July, 1.4 percent below the revised June estimate of $251.7 billion.