Updated: 01-Sep-23 10:26 ET
| July Construction Spending |
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| Updated: 01-Sep-23 10:26 ET |
Highlights
- Total construction spending increased 0.7% month-over-month in July (Briefing.com consensus 0.6%) after increasing an upwardly revised 0.6% (from 0.5%) in June.
- Total private construction was up 1.0% month-over-month while total public construction decreased 0.4% month-over-month.
- On a year-over-year basis, total construction spending was up 5.5%.
Key Factors
- Total residential spending increased 1.4% month-over-month while total nonresidential spending rose just 0.1% month-over-month.
- In private construction, residential spending jumped 1.4%, led by a 2.8% increase in new single-family construction. Nonresidential spending was up 0.5%, led by a 1.1% increase in manufacturing spending and a 0.8% increase in commercial spending.
- In public construction, nonresidential spending fell 0.4%, paced by a 0.6% drop in highway and street spending.
Big Picture
- The key takeaway from the report is that residential spending continues to be powered by new single family construction to meet demand that cannot be satisfied through the existing home market.
| Category | JUL | JUN | MAY | APR | MAR |
| Nominal (Current) Dollars | |||||
| Total Construction | 0.7% | 0.6% | 2.0% | 0.3% | 0.6% |
| Private | 1.0% | 0.6% | 2.2% | -0.1% | 0.5% |
| Residential | 1.4% | 1.5% | 3.5% | -2.6% | -0.1% |
| Nonresidential | 0.5% | -0.5% | 0.6% | 3.3% | 1.4% |
| Public | -0.4% | 0.6% | 1.3% | 1.8% | 1.0% |
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