July Construction Spending Increases 0.7 Percent Month-Over-Month

Construction spending during July was estimated at a seasonally adjusted annual rate of $1.083 trillion, 0.7 percent higher than the June estimate of $1.075 trillion and 13.7 percent above the July 2014 estimate of $952.5 billion, according to the U.S. Census Bureau.

Private construction spending in July was at a seasonally adjusted annual rate of $787.8 billion, 1.3 percent above the June estimate of $777.4 billion.

Residential construction was at a seasonally adjusted annual rate of $380.8 billion, 1.1 percent higher than June’s $376.6 billion.