The US Census Bureau of the Department of Commerce announced Tuesday that US construction spending during July 2014 was estimated at a seasonally adjusted annual rate of $981.3 billion, 1.8 percent (±1.6 percent) above the revised June estimate of $963.7 billion. The July figure is 8.2 percent (±2.3 percent) above the July 2013 estimate of $906.6 billion. During the first 7 months of this year, construction spending amounted to $535.4 billion, 7.9 percent (±1.5 percent) above the $496.3 billion for the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4 percent (±0.8 percent) above the revised June estimate of $692.2 billion. Residential construction was at a seasonally adjusted annual rate of $358.1 billion in July, 0.7 percent (±1.3 percent) above the revised June estimate of $355.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $343.6 billion in July, 2.1 percent (±0.8 percent) above the revised June estimate of $336.6 billion.
In July, the estimated seasonally adjusted annual rate of public construction spending was $279.6 billion, 3.0 percent (±3.0 percent) above the revised June estimate of $271.5 billion. Educational construction was at a seasonally adjusted annual rate of $63.5 billion, 1.6 percent (±4.9 percent) above the revised June estimate of $62.5 billion. Highway construction was at a seasonally adjusted annual rate of $84.8 billion, 6.9 percent (±7.7 percent) above the revised June estimate of $79.3 billion.