The Census Bureau reports some pretty weak news in construction spending this morning, with all measures seeing declines.
Residential construction was at a seasonally adjusted annual rate of $264.6
billion in July, 1.6 percent (±1.3%) below the revised June estimate of $268.9 billion. Nonresidential construction was at a
seasonally adjusted annual rate of $294.1 billion in July, 0.9 percent (±1.3%)* below the revised June estimate of $296.7
billion.In July, the estimated seasonally adjusted annual rate of public construction spending was $275.7 billion, 0.4 percent
(±2.8%)* below the revised June estimate of $276.7 billion.
Residential construction spending is still well up year over year, but we won’t be seeing any more of that if numbers like these continue. Public construction was the only type to see a Y/Y decrease in July.
