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July U.S. Construction Rises 1.8 Percent for Month

$981.3 billion rate is 8.2 percent above July 2013 rate.


With the magic $1 trillion number in sight, The U.S. Census Bureau of the Department of Commerce announced today that construction spending during July 2014 was estimated at a seasonally adjusted annual rate of $981.3 billion, 1.8 percent (±1.6%) above the revised June estimate of $963.7 billion. The July figure is 8.2 percent (±2.3%) 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 percent (±1.5%) above the $496.3 billion for the same period in 2013.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4 percent (±0.8%) 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 percent (±1.3%)* 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 percent (±0.8%) above the revised June estimate of $336.6 billion.

PUBLIC CONSTRUCTION
In July, the estimated seasonally adjusted annual rate of public construction spending was $279.6 billion, 3.0 percent (±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 percent (±4.9%)* above the revised June estimate of $62.5 billion.

Highway construction was at a seasonally adjusted annual rate of $84.8 billion, 6.9 percent (±7.7%)* above the revised June estimate of $79.3 billion.

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