Residential Sector Continues to Buoy the Construction Spending

Posted To: MND NewsWire

Total spending on construction slipped nationwide in July, down 0.6 percent from June to a seasonally adjusted annual rate of $1.21 trillion, but it remains 1.8 percent higher than the estimate for July 2016. The U.S. Census Bureau revised its estimate for June, originally reported at $1.21 trillion, to $1.22 trillion. On a non-seasonally adjusted basis, spending during the month was $110.68 billion compared to $111.07 billion in June. Year-to-date spending through the end of July was 4.7 percent higher than during the same period in 2016, $691.18 billion to $659.85 billion. Privately funded construction was also lower in July than in June, down 0.4 percent. The seasonally adjusted dollar number dipped to $945.5 billion annualized, from $949.4 billion (revised up from $940.72 billion) and is...(read more)

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