Tabs

Tuesday, September 2, 2014

Construction Spending Rebounded in July

Construction spending’s rebound in July more than offset the losses from June. According to the Census Bureau, construction spending jumped 1.8% in July, the largest monthly gain since May 2013. The level was 8.2% above year ago levels.



All three components on construction spending – private residential, private non-residential and public construction – improved.

Public construction led the growth, increasing 3.0% in July and 2.1% from a year ago. Improved spending on highway and street construction led the growth.

Private residential spending improved due a combination of spending on new single-family homes, multifamily homes and residential improvements, which grew 0.5%, 0.2% and 0.7% respectively. Moreover, all components improved on an annual basis.

Spending on power and utility structures leg the gains for spending on private non-residential construction. Year-over-year growth for private non-residential construction was 14.1% in July.

Read the Census release.

No comments:

Post a Comment

Please read our comment policy before making a comment.