According to data released Sept. 1 by the U.S. Census Bureau, construction spending during July was estimated at a seasonally adjusted annual rate of more than $1.97 trillion, 0.7% above the revised June estimate of more than $1.95 trillion.

The July figure is 5.5% above the July 2022 estimate of nearly $1.87 trillion. During the first seven months of 2023 construction spending was 3.7% above the same period in 2022.

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Spending on private construction was at a seasonally adjusted annual rate of almost $1.55 trillion, 1.0% above the revised June estimate of $1.53 trillion. Residential construction was at a seasonally adjusted annual rate of $879.0 billion in July, 1.4% 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% above the revised June estimate of $666.9 billion.

The estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, 0.4% below the revised June estimate of $425.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.8 billion, 0.1% above the revised June estimate of $89.7 billion.

Highway construction was at a seasonally adjusted annual rate of $128.1 billion, 0.6% below the revised June estimate of $128.9 billion.