U.S. Annual Construction Rate Dips to $805.2 Billion in July

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According to the U.S. Census Bureau of the Department of Commerce announced today that construction spending during July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion, 1.0 percent (±1.4%) below the revised June estimate of $813.1 billion.

The July figure is 10.7 percent (±1.8%) below the July 2009 estimate of $901.2 billion. During the first 7 months of this year, construction spending amounted to $460.3 billion, 11.8 percent (±1.1%) below the $522.0 billion for the same period in 2009.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $506.4 billion, 0.8 percent (±1.3%) below the revised June estimate of $510.7 billion.

Residential construction was at a seasonally adjusted annual rate of $240.3 billion in July, 2.6 percent (±1.3%) below the revised June estimate of $246.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $266.1 billion in July, 0.8 percent (±1.3%) above the revised June estimate of $264.0 billion.

PUBLIC CONSTRUCTION

In July, the estimated seasonally adjusted annual rate of public construction spending was $298.8 billion, 1.2 percent (±2.1%) below the revised June estimate of $302.4 billion.

Educational construction was at a seasonally adjusted annual rate of $73.0 billion, 0.1 percent (±3.8%) below the revised June estimate of $73.1 billion.

Highway construction was at a seasonally adjusted annual rate of $76.8 billion, 2.9 percent (±5.6%) below the revised June estimate of $79.1 billion.

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