Construction spending posted a slight increase in July rising 0.7 percent from the revised June estimate of $1,075.9 billion to a seasonally adjusted annual rate of $1,083.4 billion.  The July number was 13.7 percent higher than the estimate in July 2014 of $952.5 billion. Residential spending was at a seasonally adjusted rate of $387.3 billion compared to $383.1 billion in June, a 1.1 percent gain and 15.8 percent higher than a year earlier.

On a non-seasonally adjusted basis there was $99.0 billion spent on construction in July compared to $97.6 billion in June.  Non-adjusted residential spending was $35.7 billion, up from $35.4 billion the previous month.  Year-to-date overall construction spending in 2015 is 9.3 percent higher than a year earlier at $583.2 billion. Residential spending thus far in 2015 is up 10.4 percent year-over-year to $212.6 billion.

Total spending for privately funded construction was at a seasonally adjusted annual rate of $787.8 billion, a 1.3 percent gain over June's rate of $777.4 billion and 16.9 percent higher than in July 2014.  On a non-adjusted basis $69.9 billion was expended compared to $69.2 billion in June and $59.4 billion a year earlier.

Privately funded residential construction was estimated at an annual rate of $380.8 billion, a 1.1 percent gain from June's $376.6 billion and 15.6 percent above the level in July 2014.  The single family share of that annual estimate was $218.5 billion, a 2.1 percent month-over-month increase and up 15.6 percent year-over-year.  Construction of multi-family units consumed $51.6 billion of the total, down 2.2 percent from June but an annual increase of 21.2 percent.

On a non-adjusted basis private sector residential expenditures in July totaled $35.2 billion, compared to $34.8 billion and $30.3 billion the previous month and year.  Year-to-date residential expenditures have increased by 10.1 percent from $189.9 to $209.0 billion with single-family construction up by 14.2 percent and multi-family by 25.5 percent.

Total public sector construction dipped by 1.8 percent from June to July but was 6.1 percent higher than a year earlier.  Public sector residential construction always accounts for only a small portion of the total, the annual rate in July was $6.5 billion, down 0.1 percent from June.  Still, that spending is 29.0 percent higher than in July 2014.