The Census Bureau today released Construction Spending data for July 2010.
Residential construction spending includes remodeling, additions, and major replacements to owner occupied properties subsequent to completionrn of original building. It includes construction of additional housing units in existing residential structures, finishing of basements and attics, modernization of kitchens, bathrooms, etc. Also included are improvements outside of residential structures, such as the addition of swimming pools and garages, and replacement of major equipment items such as water heaters, furnaces and central air-conditioners. Maintenance and repair work is not included.The value of allrnconstruction put in place in the U.S. on an annualized basis was $805.2 billionrncompared to a rate of $813.1 billion in June. rnOne year earlier the pace of construction was $901.2 billion, arnyear-over-year decline of 10.7 percent.
While the pace ofrnconstruction for the year has slowed, the non-adjusted monthly residential figuresrnare a little more encouraging. Thernresidential sector accounted for $23.97 billion in construction value in Julyrncompared to $23.51 billion in June and $22.83 billion one year earlier, a 3.4 percent increase. 
Nearly half of thern$45.42 billion spent in private sector construction in July was residential, arntotal of $22.95 billion. This is arnlarger share of the private sector pie than one year ago when all privaternsector construction in July totaled $51.61 billion, only $22.06 billion of itrnresidential. Thus far in 2010 private construction hasrntotaled $295.5 billion, a 14.6 percent decline from last July while totalrnresidential spending is $140.77 billion, up 2.8 percent.
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