The U.S. Census Bureau of the Department of Commerce announced that construction spending during July 2013 was estimated at a seasonally adjusted annual rate of $900.8 billion, 0.6 percent (±2.0%) above the revised June estimate of $895.7 billion. The July figure is 5.2 percent (±2.1%) above the July 2012 estimate of $856.3 billion.

During the first 7 months of this year, construction spending amounted to $493.9 billion, 5.6 percent (±1.5%) above the $467.7 billion for the same period in 2012.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $631.4 billion, 0.9 percent (±1.3%) above the revised June estimate of $625.6 billion. Residential construction was at a seasonally adjusted annual rate of $334.6 billion in July, 0.6 percent (±1.3%) above the revised June estimate of $332.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $296.8 billion in July, 1.3 percent (±1.3%) above the revised June estimate of $293.0 billion.

Public Construction

In July, the estimated seasonally adjusted annual rate of public construction spending was $269.4 billion, 0.3 percent (±3.1%) below the revised June estimate of $270.1 billion. Educational construction was at a seasonally adjusted annual rate of $62.9 billion, 1.5 percent (±6.9%) below the revised June estimate of $63.8 billion. Highway construction was at a seasonally adjusted annual rate of $78.0 billion, 1.1 percent (±7.2%) below the revised June estimate of $78.8 billion.

To read the full U.S. Census Bureau report, click here.