July Construction Spending Sees Small Dip But Remains +6.7% Above July 2023

Construction spending during July 2024 was estimated at a seasonally adjusted annual rate of $2,162.7 billion, -0.3% below the revised June estimate of $2,169 billion. The July figure is +6.7% above the July 2023 estimate of $2,027.4 billion. During the first seven months of this year, construction spending amounted to $1,237.5 billion, +8.8% above the $1,137.4 billion for the same period in 2023.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,678.7 billion, -0.4% below the revised June estimate of $1,685.5 billion.
Residential construction was at a seasonally adjusted annual rate of $941.6 billion in July, -0.4% below the revised June estimate of $945.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $737.2 billion in July, -0.4% below the revised June estimate of $740.2 billion. Data center construction continued its upward trajectory. Although its July increase of +0.4% to $27.6 billion was minimal, it’s still up +58.5% year over year  and the monthly numbers have been increasing since March.

Public construction

In July, the estimated seasonally adjusted annual rate of public construction spending was $484 billion, +0.1% above the revised June estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $100.8 billion, -0.9% below the revised June estimate of $101.8 billion.
Highway construction was at a seasonally adjusted annual rate of $140.9 billion, -0.8%  below the revised June estimate of $142 billion.