July 2018 Construction Spending
The U.S. Census Bureau announced construction spending for July 2018 was up at a seasonally adjusted annual rate of $1,315.4 billion, 0.1 percent above the revised estimate of $1,314.2 billion. During the first seven months of this year, construction spending amounted to $740.5 billion, 5.2 percent above the $703.7 billion for the same period in 2017.
While private construction spending was $1,010.9 billion, 0.1 percent below the revised June estimate of $1,011.9 billion; public construction spending was $304.5 billion which is up 0.7 percent above last month’s revised estimates of $302.3 billion. Public construction spending was also up 8.3% from this same time last year.
Two of the main contributors to the public construction spending growth in July come from educational construction, 2.1 percent above the revised June estimate of $70.1 billion, and highway construction, 0.4 percent above the revised June estimate of $93.8 billion.
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