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In The News:

Construction Spending Falls in July

Construction spending in July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion, 1 percent below June and 10.7 percent below July 2009, according to the U.S. Census Bureau of the Department of Commerce.

For the first seven months, construction spending was $460.3 billion, 11.8 percent below the same period a year ago.

Spending on private construction was at a seasonally adjusted annual rate of $506.4 billion, 0.8 percent below the revised June estimate of $510.7 billion. Residential construction was at a seasonally adjusted annual rate of $240.3 billion in July, 2.6 percent below the revised June estimate. Nonresidential construction was at a seasonally adjusted annual rate of $266.1 billion in July, 0.8 percent above June.

In July, the estimated seasonally adjusted annual rate of public construction spending was $298.8 billion, 1.2 percent below June. Educational construction was at a seasonally adjusted annual rate of $73.0 billion, 0.1 percent below the revised June estimate. Highway construction was $76.8 billion, 2.9 percent below June.

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