Construction Spending Inched Up 0.3% in July

Washington, DC, September 1, 2021-Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of $1,568.8 billion, 0.3% above the revised June estimate of $1,563.4 billion, according to the U.S. Census Bureau. The July figure is 9.0% above the July 2020 estimate of $1,439.6 billion. During the first seven months of this year, construction spending amounted to $883.2 billion, 6.2% above the $831.5 billion for the same period in 2020.

Spending on private construction was at a seasonally adjusted annual rate of $1,231.0 billion, 0.3% above the revised June estimate of $1,227.8 billion. Residential construction was at a seasonally adjusted annual rate of $773.0 billion in July, 0.5% above the revised June estimate of $768.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $458.0 billion in July, 0.2% below the revised June estimate of $458.9 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $337.8 billion, 0.7% above the revised June estimate of $335.6 billion. Educational construction was at a seasonally adjusted annual rate of $79.7 billion, 0.5% below the revised June estimate of $80.1 billion. Highway construction was at a seasonally adjusted annual rate of $94.5 billion, 1.9% above the revised June estimate of $92.7 billion.