Keeping you up to date on the latest data releases.
- Construction Spending
Private construction spending decreased by 1.2 percent to $558.7 billion, showing a downward trend for the first time since February. Residential construction experienced downward revisions for both May and June, while nonresidential construction had upward adjustments to enhance the overall private construction revisions. The private construction sector is up 15 percent compared to July 2011. Residential construction totaled $264.6 billion, a 19 percent increase over the year. Spending on new single-family and multifamily homes both had large increases of 19.1 percent and 44.5 percent, respectively, over the year. While residential improvements caused most of the downfall of residential construction with a decline of 5.5 percent over the month. Nonresidential construction was down over the month to $294.1 billion, a 0.9 percent decrease over the month, but still up 11.7 percent since last July. Causing the decline for the month was manufacturing, power and utility, commercial and healthcare structures. All sectors still showing improvement over the year.