The Department of Commerce reported construction spending during July 2014 was estimated at a seasonally adjusted annual rate of $981.3 billion, 1.8% above the revised June estimate of $963.7 billion. The July figure is 8.2% above the July 2013 estimate of $906.6 billion. During the first seven months of this year, construction spending amounted to $535.4 billion, 7.9% above the $496.3 billion for the same period in 2013.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4% above the revised June estimate of $692.2 billion. Residential construction was at a seasonally adjusted annual rate of $358.1 billion in July, 0.7% above the revised June estimate of $355.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $343.6 billion in July, 2.1% above the revised June estimate of $336.6 billion.
The electric power (+10.5%) and manufacturing segments (+4.4%) had the biggest month-over-month increases, while the religious (-5%) and amusement & recreation (-4.5%) segments suffered the biggest declines in July.
Public construction. In July, the estimated seasonally adjusted annual rate of public construction spending was $279.6 billion, 3% above the revised June estimate of $271.5 billion. Educational construction was at a seasonally adjusted annual rate of $63.5 billion, 1.6% above the revised June estimate of $62.5 billion. Commercial construction (-10.8%) declined the most of the public construction segments in July, while highway and street (+6.9%) and public office construction (+6.7%) increased the most.