July New Construction Spending Recovers from June Decline

Before you go, we thought you'd like these...
Before you go close icon

constructionThe U.S. Census Bureau reported this morning that construction spending in July increased by 0.6%, to an estimated seasonally adjusted annual rate of $900.8 billion from an upwardly revised estimate of $895.7 billion in June. Compared with July 2012, spending is up 5.2%. For all of 2012, construction spending rose 9.9% compared with 2011.

For the first seven months of 2013, new construction spending is up 5.6%, compared with the first seven months of 2012.

The consensus estimate by economists surveyed by Bloomberg News called for a rise of 0.3% in construction spending for July.

Spending on private residential construction rose 0.5% to $340.6 billion, compared with the revised June total of $338.9 billion. Private nonresidential construction fell 0.8% month-over-month and total private construction spending was up 0.9%, compared with a revised May total of $625.6 billion.

In the private sector, single-family residential construction is 29.3% higher than it was a year ago, and multifamily construction is up 39.3% from July 2012. Private, nonresidential construction is up 2% year-over-year and up 1.3% from June.

In the public sector, seasonally adjusted total spending is down 3.7% year-over-year, continuing a slide begun in September 2012. Spending on educational facilities fell 11.7% month-over-month and 1.5% from June 2013 spending. Public residential construction was down 3.1% month-over-month, and is 2.4% lower year-over-year.

Filed under: Housing
Read Full Story

People are Reading