July Construction Activity Drops One Percent and is Down 10.7 Percent YTY

Sept. 10, 2010
The U.S. Census Bureau of the Department of Commerce said construction spending during July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion

The U.S. Census Bureau of the Department of Commerce said construction spending during July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion, one percent below the revised June estimate of $813.1 billion. The July figure is 10.7 percent below the July 2009 estimate of $901.2 billion. During the first seven months of this year, construction spending amounted to $460.3 billion, 11.8 percent below the $522 billion for the same period in 2009. The electric power segment did enjoy a notable monthly increase, jumping 11 percent in July, but it’s still down 10.7 percent YTY.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $506.4 billion, 0.8 percent below the revised June estimate of $510.7 billion. Residential construction was at a seasonally adjusted annual rate of $240.3 billion in July, 2.6 percent below the revised June estimate of $246.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $266.1 billion in July, 0.8 percent above the revised June estimate of $264 billion.

Public construction. In July, the estimated seasonally adjusted annual rate of public construction spending was $298.8 billion, 1.2 percent below the revised June estimate of $302.4 billion. Educational construction was at a seasonally adjusted annual rate of $73 billion, 0.1 percent below the revised June estimate of $73.1 billion.