Construction Spending Sees Another Steady Increase in July with a +0.7% Increase

Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, +0.7% percent above the revised June estimate of $1,958.9 billion. The July figure from the U.S. Census Dept. is +5.5% above the July 2022 estimate of $1,869.3 billion. During the first seven months of this year, construction spending amounted to $1,101.5 billion, +3.7% above the $1,062.1 billion for the same period in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,548.9 billion, +1% above the revised June estimate of $1,533.7 billion. Residential construction was at a seasonally adjusted annual rate of $879 billion in July, +1.4% above the revised June estimate of $866.8 billion. Single-family construction was responsible for a big chunk of that increase, with a +2.8% increase to $389.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $670 billion in July, +0.5% above the revised June estimate of $666.9 billion.

While the Computer/Electronic/Electrical sub-categories have generated the most increases over the past year, on a monthly percent basis, the Chemical and Plastic/Rubber categories,with monthly increases of +3.9% and +3%, respectively, saw the biggest increases in July.

Public construction

In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, -0.4% below the revised June estimate of $425.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.8 billion, +0.1% above the revised June estimate of $89.7 billion.