Following a 0.9% drop in June, total U.S. construction spending rose 1.8% in July 2014 to an estimated seasonally adjusted annual rate of $981.3 billion. July spending was 8.2% above the July 2013 pace, according to the U.S. Census Bureau of the Department of Commerce.
During the first seven months of this year, construction spending amounted to $535.4 billion, 7.9% above the same period in 2013.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4% above the revised June estimate.
Residential construction remained nearly static, rising just 0.7% from June to July to a seasonally adjusted annual rate of $358.1 billion.
Nonresidential construction rose 2.1% to a seasonally adjusted annual rate of $343.6 billion
Public Construction
The estimated seasonally adjusted annual rate of public construction spending in July rose 3% to $279.6 billion.
Educational construction was up 1.6% to a seasonally adjusted annual rate of $63.5 billion.
Highway construction jumped 6.9% to a seasonally adjusted annual rate of $84.8 billion.
Construction sectors that gained the most from July 2013 to July 2014:
- Multi-family residential: 41.0%
- Power: 25.7%
- Conservation: 24.8%
- Manufacturing: 23.9%
- Office: 20.0%
- Amusement and recreation: 21.2%
