Construction Spending: Residential is Only Game in Town
The U.S. Census Bureau says July’s expenditures on all types of construction was at a seasonally adjusted rate of $1.569 trillion compared to $1.563 trillion in June. This is an increase of 0.3 percent and 9.0 percent higher than expenditures in July 2020.
On a non-adjusted basis, total spending for the month was $144.046 billion, up from $141.545 billion the previous month. For the year-to-date (YTD), spending has totaled $883.208 billion, a 6.2 percent increase over spending in the first seven months of 2020.
With the exception of residential, spending in every construction category is down YTD. The biggest deficits are in spending on office construction and public safety. Both are just over 30 percent below their levels during the same period last year.
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