July Construction Spending Up 8.2% Y/Y to $981.3B
The U.S. Census Bureau of the Department of Commerce announced construction spending during July 2014 was estimated at a seasonally adjusted annual rate of $981.3 billion, 1.8% above the revised June estimate of $963.7 billion. The July figure is 8.2% above the July 2013 estimate of $906.6 billion.
During the first 7 months of this year, construction spending amounted to $535.4 billion, 7.9% above the $496.3 billion for the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4% above the revised June estimate of $692.2 billion. Residential construction was at a seasonally adjusted annual rate of $358.1 billion in July, 0.7% above the revised June estimate of $355.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $343.6 billion in July, 2.1% above the revised June estimate of $336.6 billion.
In July, the estimated seasonally adjusted annual rate of public construction spending was $279.6 billion, 3.0% above the revised June estimate of $271.5 billion. Educational construction was at a seasonally adjusted annual rate of $63.5 billion, 1.6% above the revised June estimate of $62.5 billion. Highway construction was at a seasonally adjusted annual rate of $84.8 billion, 6.9% above the revised June estimate of $79.3 billion.
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