U.S. construction spending highest in four years

The U.S. Census Bureau of the Department of Commerce has announced that construction spending during July, 2013, was estimated at a seasonally adjusted annual rate of $900.8 billion, which is the highest level reached since June, 2009. The current number is 0.6 percent above the revised June estimate of $895.7 billion., and is 5.2 percent above the July 2012 estimate of $856.3 billion.

During the first seven months of this year, construction spending amounted to $493.9 billion, 5.6 percent above the $467.7 billion for the same period in 2012.

Spending on private construction was at a seasonally adjusted annual rate of $631.4 billion, 0.9 percent above the revised June estimate of $625.6 billion. Residential construction was at a seasonally adjusted annual rate of $334.6 billion in July, 0.6 percent above the revised June estimate of $332.7 billion. Non-residential construction was at a seasonally adjusted annual rate of $296.8 billion in July, 1.3 percent above the revised June estimate of $293.0 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $269.4 billion, 0.3 percent below the revised June estimate of $270.1 billion. Educational construction was at a seasonally adjusted annual rate of $62.9 billion, 1.5 percent below the revised June estimate of $63.8 billion. Highway construction was at a seasonally adjusted annual rate of $78.0 billion, 1.1 percent below the revised June estimate of $78.8 billion.

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