The US Census Bureau of the Department of Commerce announced Tuesday that construction spending during July 2015 was estimated at a seasonally adjusted annual rate of $1,083.4 billion, 0.7 percent (±1.5 percent) above the revised June estimate of $1,075.9 billion. The July figure is 13.7 percent (±2.0 percent) above the July 2014 estimate of $952.5 billion.
During the first 7 months of this year, construction spending amounted to $583.2 billion, 9.3 percent (±1.5 percent) above the $533.7 billion for the same period in 2014.
Spending on private construction was at a seasonally adjusted annual rate of $787.8 billion, 1.3 percent (±1.0 percent) above the revised June estimate of $777.4 billion. Residential construction was at a seasonally adjusted annual rate of $380.8 billion in July, 1.1 percent (±1.3 percent) above the revised June estimate of $376.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $407.0 billion in July, 1.5 percent (±1.0 percent) above the revised June estimate of $400.8 billion.
In July, the estimated seasonally adjusted annual rate of public construction spending was $295.6 billion, 1.0 percent (±2.6 percent) below the revised June estimate of $298.5 billion. Educational construction was at a seasonally adjusted annual rate of $66.4 billion, 3.0 percent (±3.5 percent) below the revised June estimate of $68.4 billion. Highway construction was at a seasonally adjusted annual rate of $90.3 billion, 0.2 percent (±6.6 percent) below the revised June estimate of $90.5 billion.