Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7 percent above the upwardly revised June estimate of $1,958.9 billion. The July figure is a healthy 5.5 percent 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 percent 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, 1.0 percent above the revised June estimate of $1,533.7 billion. Residential construction was at a seasonally adjusted annual rate of $879.0 billion in July, 1.4 percent above the revised June estimate of $866.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $670.0 billion in July, 0.5 percent above the revised June estimate of $666.9 billion.
Public Construction
In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, 0.4 percent below the revised June estimate of $425.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.8 billion, 0.1 percent above the revised June estimate of $89.7 billion. Highway construction was at a seasonally adjusted annual rate of $128.1 billion, 0.6 percent below the revised June estimate of $128.9 billion. [NOTE: The public sector spending has slowed down over the past three months, with federal spending actually shrinking over that time period (down $3.08 billion)].
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