US construction spending trends neutral in July

The US Census Bureau of the Department of Commerce announced today that construction spending during July 2016 was estimated at a seasonally adjusted annual rate of $1,153.2 billion, nearly the same as (±1.5 percent) the revised June estimate of $1,153.5 billion. The July figure is 1.5 percent (±2.3 percent) above the July 2015 estimate of $1,135.9 billion.
 
During the first 7 months of this year, construction spending amounted to $647.7 billion, 5.6 percent (±1.3 percent) above the $613.1 billion for the same period in 2015.
 
Spending on private construction was at a seasonally adjusted annual rate of $875.0 billion, 1.0 percent (±1.5 percent) above the revised June estimate of $866.5 billion. Residential construction was at a seasonally adjusted annual rate of $445.5 billion in July, 0.3 percent (±1.3 percent) above the revised June estimate of $444.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $429.5 billion in July, 1.7 percent (±1.5 percent) above the revised June estimate of $422.5 billion.

 

In July, the estimated seasonally adjusted annual rate of public construction spending was $278.2 billion, 3.1 percent (±2.6 percent) below the revised June estimate of $287.0 billion. Educational construction was at a seasonally adjusted annual rate of $64.6 billion, 8.3 percent (±3.9 percent) below the revised June estimate of $70.4 billion. Highway construction was at a seasonally adjusted annual rate of $89.8 billion, 0.3 percent (±6.4 percent) above the revised June estimate of $89.5 billion.