According to the U.S. Census Bureau of the Department of Commerce, total construction spending for July 2016 was estimated at a seasonally adjusted annual rate of $1,153.2 billion, remaining nearly the same as June’s revised estimate of $1,153.5 billion, and is 1.5 percent above the July 2015 estimate of $1,135.9 billion. Construction spending has totaled to the amount of $647.7 billion for the first seven months of 2016, an increase of 5.6 percent compared to the $613.1 billion for the same period in 2015.
Private construction spending in July was estimated at a seasonally adjusted annual rate of $875.0 billion, an increase of 1.0 percent from June’s revised estimate of $866.5 billion. Residential construction spending for July was at a seasonally adjusted annual rate of $445.5 billion, up 0.3 percent from the previous month’s revised estimate of $444.0 billion. Nonresidential construction spending for July was estimated at $429.5 billion, up 1.7 percent from June’s revised estimate of $422.5 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $278.2 billion, down 3.1 percent from June’s revised estimate of $287.0 billion. Educational construction spending for July was at an adjusted rate of $64.6 billion, down 8.3 percent from the revised June estimate of $70.4 billion. Highway construction spending was estimated at an adjusted rate of $89.8 billion for July, increasing by 0.3 percent from June’s revised estimate of $89.5 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
