Construction spending declines for the 2nd consecutive month
- Prior month -1.1% revised higher to -0.5%
- Construction spending -0.4% vs. -0.4% estimate
- During the first seven months of this year, construction spending amounted to $1,013.7 billion, 10.8 percent (±1.0 percent) above the $915.2 billion for the same period in 2021.
- Spending on private construction was at a seasonally adjusted annual rate of $1,424.2 billion, 0.8 percent (±0.7 percent) below the revised June estimate of $1,436.4 billion.
- Residential construction was at a seasonally adjusted annual rate of $920.4 billion in July, 1.5 percent (±1.3 percent) below the revised June estimate of $934.4 billion.
- Nonresidential construction was at a seasonally adjusted annual rate of $503.9 billion in July, 0.4 percent (±0.7 percent)* above the revised June estimate of $502.1 billion.
- In July, the estimated seasonally adjusted annual rate of public construction spending was $353.1 billion, 1.5 percent (±1.5 percent)* above the revised June estimate of $347.9 billion.
- Educational construction was at a seasonally adjusted annual rate of $77.2 billion, 0.1 percent (±2.1 percent)* below the revised June estimate of $77.3 billion.
- Highway construction was at a seasonally adjusted annual rate of $102.7 billion, 4.3 percent (±4.1 percent) above the revised June estimate of $98.4 billion.
Back-to-back losses in construction spending but there was a revision higher in the prior month which lessens the blow.