Construction spending in July was at a seasonally
adjusted annual rate of $981.3 billion the Census Bureau said today--the highest since December 2008. That was an increase of 1.8 percent from June's
revised estimate of $963.7 billion (up from the original estimate of $950.2
billion) and was 8.7 percent higher than the estimate of $906.6 billion in July
2013. Total residential spending was at
an annual rate of $363.5 billion compared to $360.8 billion in June and $337.9
billion a year earlier, increases of 0.7 and 7.6 percent respectively.
On a non-seasonally adjusted basis total
construction spending in July was $88.6 billion compared to $86.70 billion in
June and $83.3 billion a year earlier. Non-seasonally
adjusted residential spending was $33.3 billion.
Through the end of July the 2014 estimate for
construction put in place is $535.4 billion.
This is 7.9 percent higher than the year-to-date figure for the same
period in 2013 of $496.3 billion.
Residential construction for the year-to-date was $202.6 billion, a 9.3
percent gain from 2013.
Private construction expenditures in July were at a
seasonally adjusted annual rate of $701.7 billion, up 1.4 percent from the
revised (from $685.5 billion) June estimate of $692.2 billion and 10.9 percent
above spending in July 2013 of $632.7 billion.
Private residential spending was at a rate of $358.1
billion compared to $355.6 billion in June and $331.5 billion in July 2013,
increases of 0.7 percent and 8.0 percent.
Single family construction comprised $187.1 billion of the total and
multifamily construction $43.3 billion.
The multifamily expenditures were 41 percent higher than in July 2013.
Total spending on private construction was up 11.3
percent from year-to-date expenditures in 2013 at a total of $387.3
billion. Year-to-date spending on
residential construction was $199.7 billion at the end of June, a 9.8 percent
increase from the same period in 2013.
There was again a significant increase in multi-family construction
spending. So far in 2014 $23.8 billion
has been spent, a 35.8 percent increase from 2013. On a non-adjusted basis total private
construction in July totaled $61.5 billion and residential construction $32.85
Total public sector construction was at a seasonally
adjusted annual rate of $279.6 billion, a 3.0 percent increase from June's
estimate of $271.5 billion. So far in
2014 public construction has totaled $148.2 billion, virtually unchanged from
the same time last year.