U.S. construction spending trends up 4 percent YTD
Private construction inches up 0.6 percent for month while public construction dips 3 percent.
The U.S. Census Bureau announced the following value put in place construction
statistics for July 2020:
Total Construction
Construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1 percent (±1.2 percent)* above the revised June estimate of $1,362.8 billion. The July figure is 0.1 percent (±1.6 percent)* below the July 2019 estimate of $1,366.0 billion. During the first seven months of this year, construction spending amounted to $792.6 billion, 4.0 percent (±1.2 percent) above the $761.9 billion for the same period in 2019.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,013.5 billion, 0.6 percent (±0.5 percent) above the revised June estimate of $1,007.2 billion.
Residential construction was at a seasonally adjusted annual rate of $546.6 billion in July, 2.1 percent (±1.3 percent) above the revised June estimate of $535.6 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $466.9 billion in July, 1.0 percent (±0.5 percent) below the revised June estimate of $471.6 billion.
Public Construction
In July, the estimated seasonally adjusted annual rate of public construction spending was $351.1 billion, 1.3 percent (±2.0 percent)* below the revised June estimate of $355.6 billion.
Educational construction was at a seasonally adjusted annual rate of $82.2 billion, 3.0 percent (±1.8 percent) below the revised June estimate of $84.7 billion.
Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 3.1 percent (±5.9 percent)* below the revised June estimate of $102.1 billion.
CONTRACTOR SUPPLY MAGAZINE
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