Non-Residential Activity Hurts Construction Spending in July
Residential construction continued on the path to recovery, but a greater-than-anticipated cutback in non-residential activity drove the total Construction Spending report down 0.2% in July, against expectations it would be flat.
Broad advances in new and existing home sales helped residential spending see a 2.3% boost in July, but private non-residential construction fell 1.2%, marking the third straight loss.
Total construction spending has fallen 10.5% in the past 12 months to its lowest rate since February 2004, according to the Commerce Department, who publish the data.
Declines would have been worse without the stimulus package, which helped federal building spending climb 0.8% to a record annual rate of $29.57 billion. But public spending carries the bulk of projects, and it dipped 0.7% in July â€
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