Construction spending during July was estimated at a seasonally adjusted annual rate of $834.4 billion, which is 0.9% below the revised June estimate of $842.2 billion, according to new data released by the U.S. Census Bureau. The July figure is 9.3% above the July 2011 estimate of $763.5 billion.
During the first seven months of this year, construction spending amounted to $464.4 billion, which is 9.3% above the $425 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $558.7 billion, which is 1.2% 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% 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% below the revised June estimate of $296.7 billion.
In July, the estimated seasonally adjusted annual rate of public construction spending was $275.7 billion, 0.4% below the revised June estimate of $276.7 billion. Educational construction was at a seasonally adjusted annual rate of $66 billion, 0.6% below the revised June estimate of $66.4 billion. Highway construction was at a seasonally adjusted annual rate of $81.2 billion, 0.3% below the revised June estimate of $81.4 billion.
