Keeping you up to date on the latest data releases.
- Construction Spending
In July, spending on private construction ticked down 0.9 percent to a seasonally-adjusted annual rate of $514.5 billion. Declines in both residential and non-residential spending contributed to the top side decline. Despite the monthly decline, large upward revisions to spending levels for May and June suggest an upward (rather than flat) trend in private construction spending. In fact, private construction spending is up 5.5 percent over the year with both residential and non-residential showing increases of 5.3 percent and 5.7 percent, respectively over their July 2010 levels. On the residential side, that gain is entirely attributable to spending on residential improvements (up 21.8 percent over the year) as spending on single-family and multi-family construction is down over a 12-month period. In terms of non-residential spending, several sectors are showing over the year gains, including commercial (especially automotive and warehouse), educational, and power.