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.

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