U.S. Construction Dips 1.3 Percent in July
Through July, year-to-date construction lags 2010 rate by 3.5 percent.
More confirmation that the construction industry continues to struggle. The U.S. Census Bureau of the Department of Commerce announced today that construction spending during July 2011 was estimated at a seasonally adjusted annual rate of $789.5 billion, 1.3 percent (±1.9%)* below the revised June estimate of $799.8 billion. The July figure is 0.1 percent (±1.9%)* above the July 2010 estimate of $789.0 billion.
During the first 7 months of this year, construction spending amounted to $435.5 billion, 3.5 percent (±1.3%) below the $451.2 billion for the same period in 2010.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $514.5 billion, 0.9 percent (±1.1%)* below the revised June estimate of $519.0 billion.
Residential construction was at a seasonally adjusted annual rate of $248.1 billion in July, 1.4 percent (±1.3%) below the revised June estimate of $251.7 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $266.4 billion in July, 0.4 percent (±1.1%)* below the revised June estimate of $267.3 billion.
PUBLIC CONSTRUCTION
In July, the estimated seasonally adjusted annual rate of public construction spending was $275.0 billion, 2.1 percent (±2.7%)* below the revised June estimate of $280.8 billion.
Educational construction was at a seasonally adjusted annual rate of $67.2 billion, 4.3 percent (±4.3%)* below the revised June estimate of $70.2 billion.
Highway construction was at a seasonally adjusted annual rate of $74.9 billion, 0.5 percent (±8.0%)* above the revised June estimate of $74.5 billion.
