Updated: 03-Sep-24 10:32 ET
| July Construction Spending |
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| Updated: 03-Sep-24 10:32 ET |
Highlights
- Total construction spending declined 0.3% month-over-month in July (Briefing.com consensus 0.2%) following an upwardly revised 0.0% (from -0.3%) in June.
- Total private construction was down 0.4% month-over-month while total public construction was up 0.1% month-over-month.
- On a year-over-year basis, total construction spending was up 6.7%.
Key Factors
- Total residential spending decreased 0.4% month-over-month while nonresidential spending fell 0.2% month-over-month.
- In private construction, residential spending was down 0.4%, led by a 1.9% decline in new single-family construction. New multifamily construction was flat. Nonresidential spending also declined 0.4%, paced by a 0.4% decline in commercial spending and a 0.7% decline in power spending.
- In public construction, nonresidential spending increased 0.2% month-over-month, led by a 3.4% increase in power spending and a 2.2% jump in water supply spending.
Big Picture
- The key takeaway from the report is that new single-family construction was weak in July.
| Category | JUL | JUN | MAY | APR | MAR |
| Nominal (Current) Dollars | |||||
| Total Construction | -0.3% | 0.0% | 0.2% | 1.3% | 0.1% |
| Private | -0.4% | 0.3% | 0.3% | 1.6% | -0.2% |
| Residential | -0.4% | 0.4% | 0.4% | 2.8% | -0.2% |
| Nonresidential | -0.4% | 0.0% | 0.1% | 0.1% | -0.1% |
| Public | 0.1% | -0.7% | 0.1% | 0.3% | 1.1% |
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