Commerce Department: Construction spending fell in July
Construction spending fell in July, according to the U.S. Commerce Department, down 0.6 percent to a seasonally adjusted annual rate of $1.084 trillion.
That compares with spending of $1.09 trillion in June and is 4.8 percent below the $1.14 trillion recorded in July of last year.
In the first seven months of this year, non-seasonally adjusted construction spending amounted to $614.2 billion, 5.4 percent below the $649.5 billion for the same period in 2007. Over the full year, total spending on home building was down 27.1 percent.
Construction of public properties rose, however, 1.4 percent to $309.7 million compared with June’s estimate of $305.4 billion. Of those projects, spending by state and local governments rose 1.2 percent to a record high, and construction on federal projects rose 3.9 percent in the month, also to a record high.