Construction Spending Continues Growth
Numbers released today show that construction spending for July grew 0.7 percent over upwardly-revised June numbers, putting it 13.7 percent higher than July 2014. Year-to-date, construction spending is 9.3% higher than what the industry posted last year, the U.S. Census Bureau and Department of Commerce report.
This is the highest level since May 2008. Overall, spending on private construction was at a seasonally adjusted annual rate of $787.8 billion, 1.3 percent above the revised June estimate of $777.4 billion. Residential construction in July was 1.1 percent above the revised June estimate. Nonresidential construction was 1.5 percent above the revised June estimate.
Public construction spending dropped 1.0 percent below the revised June estimate, with spending on educational construction down 3.0 percent and highway construction dipping 0.2 percent below the revised June estimate.
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