Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending slipped for the third month in a row, dropping 1.0 percent in July to the lowest annualized rate of spending since July 2000. The 0.1 percent gain initially reported for June was revised downward to a 0.8 percent decline. Year-over-year growth in total spending currently sits at a depressed −10.7 percent. Both private and public construction spending shared blame for July’s retreat, the former dropping 0.8 percent over the month and the latter falling 1.2 percent. The decline in private outlays was entirely attributable to a 2.6 percent pull-back on the residential side, as private nonresidential construction broke its fifteen-month streak of decline, rising 0.8 percent. The decline in public construction was caused by a 1.3 percent drop on the nonresidential side.