Construction Spending Inched Up 0.1% in July

Washington, DC, September 1, 2020-Construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1% above the revised June estimate of $1,362.8 billion, according to the U.S. Census Bureau.

The July figure is 0.1% below the July 2019 estimate of $1,366.0 billion. During the first seven months of this year, construction spending amounted to $792.6 billion, 4.0% above the $761.9 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,013.5 billion, 0.6% above the revised June estimate of $1,007.2 billion. Residential construction was at a seasonally adjusted annual rate of $546.6 billion in July, 2.1% above the revised June estimate of $535.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $466.9 billion in July, 1.0% below the revised June estimate of $471.6 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $351.1 billion, 1.3% below the revised June estimate of $355.6 billion. Educational construction was at a seasonally adjusted annual rate of $82.2 billion, 3.0% below the revised June estimate of $84.7 billion. Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 3.1% below the revised June estimate of $102.1 billion.