Construction spending ticked upward 0.7% month-over-month in July to total $1.97 trillion, according to the U.S. Census Bureau. Compared with July 2022, construction spending increased 5.5%.
Private residential spending grew 1.4% from June, but was down 5.4% compared with July 2022. Private nonresidential spending increased 0.5% for the month, and surged 19.8% year-over-year.
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