According to the U.S. Census Bureau of the Department of Commerce, total construction spending for July 2014 was estimated at a seasonally adjusted annual rate of $981.3 billion. This rate is up 1.8 percent from the revised June estimate of $963.7 billion, and is 8.2 percent above the July 2013 estimate of $906.6 billion. Construction spending has totaled to the amount of $535.4 billion for the first seven months of 2014, an increase of 7.9 percent compared to the $496.3 billion for the same period in 2013.
Private construction spending in July was estimated at a seasonally adjusted annual rate of $701.7 billion, an increase of 1.4 percent from June’s revised estimate of $692.2 billion. Residential construction spending for July was at a seasonally adjusted annual rate of $358.1 billion, up 0.7 percent from the previous month’s revised estimate of $355.6 billion. Nonresidential construction spending for July was estimated at $343.6 billion, up 2.1 percent from June’s revised estimate of $336.6 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $279.6 billion, up 3.0 percent from June’s revised estimate of $271.5 billion. Educational construction spending for July was at an adjusted rate of $63.5 billion, up 1.6 percent from the revised June estimate of $62.5 billion. Highway construction spending was estimated at an adjusted rate of $84.8 billion for July, increasing by 6.9 percent from June’s revised estimate of $79.3 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.