Construction Spending Declined 0.3% in July

Washington, DC, September 3, 2024-Construction spending during July 2024 was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3% below the revised June estimate of $2,169.0 billion, according to the U.S. Census Bureau.

The July figure is 6.7% above the July 2023 estimate of $2,027.4 billion. During the first seven months of this year, construction spending amounted to $1,237.5 billion, 8.8% above the $1,137.4 billion for the same period in 2023.

Spending on private construction was at a seasonally adjusted annual rate of $1,678.7 billion, 0.4% below the revised June estimate of $1,685.5 billion. Residential construction was at a seasonally adjusted annual rate of $941.6 billion in July, 0.4% below the revised June estimate of $945.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $737.2 billion in July, 0.4% below the revised June estimate of $740.2 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $484.0 billion, 0.1% above the revised June estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $100.8 billion, 0.9% below the revised June estimate of $101.8 billion. Highway construction was at a seasonally adjusted annual rate of $140.9 billion, 0.8% below the revised June estimate of $142.0 billion.