Public and Private Construction Spending Dropped in July

by devteam September 5th, 2012 | Share

Construction spending was $834.39 billion in July comparedrnto $842.22 billion in June and $763.47 in July 2011, a decrease of 0.9 percentrnfrom the revised June estimate and 9.3 percent higher than the estimate in Julyrn2011according to data released by the U.S. Census Bureau on Tuesday morning.  Overall construction spending, both public andrnprivate was down 0.9 percent month-over-month but up 9.3 percent the samernperiod in 2011.</p

Total private construction was at an annual rate of 558.71rnbillion, down from 565.57 billion (-1.2 percent) in June but 15.0 percentrnhigher than the rate of $485.79 billion one year earlier.  Public construction was down 0.4 percent fromrnJune and 0.7 percent a year earlier to a seasonally adjusted annual rate ofrn$275.67 billion.  </p

Public and private residential construction spending was atrna seasonally adjusted annual rate of $271.21 billion in July down from $275.52rnbillion in June and $230.60 billion in July 2011.  Private construction in this category droppedrnfrom $268.85 billion in June to $264.62 in July.  It is unclear what accounts for the drop asrnspending on single family housing rose to $127.45 billion from $125.63 billionrnand multi-family construction spending was up slightly from $21.37 billion torn$21.96 billion.   Private single family housing construction wasrnup 19.0 percent from the $222.42 billion rate in July 2011.  </p

Residential construction was only a small portion of publicrnconstruction spending; $6.60 billion, 1.1 percent below June and 19.4 percentrnlower than one year ago.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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