Construction Spending Highest Since December 2008

Construction spending in July was at a seasonallyrnadjusted annual rate of $981.3 billion the Census Bureau said today–the highest since December 2008.  That was an increase of 1.8 percent from June’srnrevised estimate of $963.7 billion (up from the original estimate of $950.2rnbillion) and was 8.7 percent higher than the estimate of $906.6 billion in Julyrn2013.  Total residential spending was atrnan annual rate of $363.5 billion compared to $360.8 billion in June and $337.9rnbillion a year earlier, increases of 0.7 and 7.6 percent respectively.</p

On a non-seasonally adjusted basis totalrnconstruction spending in July was $88.6 billion compared to $86.70 billion inrnJune and $83.3 billion a year earlier.  Non-seasonallyrnadjusted residential spending was $33.3 billion.</p

Through the end of July the 2014 estimate forrnconstruction put in place is $535.4 billion. rnThis is 7.9 percent higher than the year-to-date figure for the samernperiod in 2013 of $496.3 billion. rnResidential construction for the year-to-date was $202.6 billion, a 9.3rnpercent gain from 2013.</p

Private construction expenditures in July were at arnseasonally adjusted annual rate of $701.7 billion, up 1.4 percent from thernrevised (from $685.5 billion) June estimate of $692.2 billion and 10.9 percentrnabove spending in July 2013 of $632.7 billion. rn</p

Private residential spending was at a rate of $358.1rnbillion compared to $355.6 billion in June and $331.5 billion in July 2013,rnincreases of 0.7 percent and 8.0 percent. rnSingle family construction comprised $187.1 billion of the total andrnmultifamily construction $43.3 billion. rnThe multifamily expenditures were 41 percent higher than in July 2013.</p

Total spending on private construction was up 11.3rnpercent from year-to-date expenditures in 2013 at a total of $387.3rnbillion.  Year-to-date spending onrnresidential construction was $199.7 billion at the end of June, a 9.8 percentrnincrease from the same period in 2013. rnThere was again a significant increase in multi-family constructionrnspending.  So far in 2014 $23.8 billionrnhas been spent, a 35.8 percent increase from 2013.  On a non-adjusted basis total privaternconstruction in July totaled $61.5 billion and residential construction $32.85rnbillion.  </p

Total public sector construction was at a seasonallyrnadjusted annual rate of $279.6 billion, a 3.0 percent increase from June’srnestimate of $271.5 billion.  So far inrn2014 public construction has totaled $148.2 billion, virtually unchanged fromrnthe same time last year.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.