U.S. Construction Spending Dips in July
Overall spending slides 0.9 percent for month as all categories slump.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during July 2012 was estimated at a seasonally adjusted annual rate of $834.4 billion, 0.9 percent (±1.8%)* below the revised June estimate
of $842.2 billion.
The July figure is 9.3 percent (±2.3%) above the July 2011 estimate of $763.5 billion.
During the first 7 months of this year, construction spending amounted to $464.4 billion, 9.3 percent (±1.5%) above the $425.0 billion for the same period in 2011.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $558.7 billion, 1.2 percent (±1.3%)* below the revised June estimate of $565.6 billion.
Residential construction was at a seasonally adjusted annual rate of $264.6 billion in July, 1.6 percent (±1.3%) below the revised June estimate of $268.9 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $294.1 billion in July, 0.9 percent (±1.3%)* below the revised June estimate of $296.7 billion.
PUBLIC CONSTRUCTION
In July, the estimated seasonally adjusted annual rate of public construction spending was $275.7 billion, 0.4 percent (±2.8%)* below the revised June estimate of $276.7 billion.
Educational construction was at a seasonally adjusted annual rate of $66.0 billion, 0.6 percent (±4.4%)* below the revised June estimate of $66.4 billion.
Highway construction was at a seasonally adjusted annual rate of $81.2 billion, 0.3 percent (±7.2%)* below the revised June estimate of $81.4 billion.
CONTRACTOR SUPPLY MAGAZINE
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