Construction Spending Flat but still Posting YoY Improvement
Construction spending posted a slight increase in Julyrnrising 0.7 percent from the revised June estimate of $1,075.9 billion to arnseasonally adjusted annual rate of $1,083.4 billion. The July number was 13.7 percent higher thanrnthe estimate in July 2014 of $952.5 billion. Residential spending was at arnseasonally adjusted rate of $387.3 billion compared to $383.1 billion in June,rna 1.1 percent gain and 15.8 percent higher than a year earlier. </p
On a non-seasonally adjusted basis there was $99.0 billion</bspent on construction in July compared to $97.6 billion in June. Non-adjusted residential spending was $35.7rnbillion, up from $35.4 billion the previous month. Year-to-date overall construction spending inrn2015 is 9.3 percent higher than a year earlier at $583.2 billion. Residential spendingrnthus far in 2015 is up 10.4 percent year-over-year to $212.6 billion.</p
Total spending for privately funded construction was at arnseasonally adjusted annual rate of $787.8 billion, a 1.3 percent gain over June’srnrate of $777.4 billion and 16.9 percent higher than in July 2014. On a non-adjusted basis $69.9 billion wasrnexpended compared to $69.2 billion in June and $59.4 billion a year earlier.</p
Privately funded residential construction was estimated atrnan annual rate of $380.8 billion, a 1.1 percent gain from June’s $376.6 billionrnand 15.6 percent above the level in July 2014. rnThe single family share of that annual estimate was $218.5 billion, arn2.1 percent month-over-month increase and up 15.6 percent year-over-year. Construction of multi-family units consumedrn$51.6 billion of the total, down 2.2 percent from June but an annual increasernof 21.2 percent. </p
On a non-adjusted basis private sector residentialrnexpenditures in July totaled $35.2 billion, compared to $34.8 billion and $30.3rnbillion the previous month and year. rnYear-to-date residential expenditures have increased by 10.1 percentrnfrom $189.9 to $209.0 billion with single-family construction up by 14.2rnpercent and multi-family by 25.5 percent.</p
Total public sector construction dipped by 1.8 percent fromrnJune to July but was 6.1 percent higher than a year earlier. Public sector residential construction alwaysrnaccounts for only a small portion of the total, the annual rate in July wasrn$6.5 billion, down 0.1 percent from June. rnStill, that spending is 29.0 percent higher than in July 2014.
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