U.S. Construction Spending Fell In July

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Enchancment spending dipped in July, as residential construction fell amid rising mortgage prices and declining house affordability.

The U.S. Census Bureau said Thursday that complete construction spending all by way of July 2022 was estimated at a seasonally adjusted annual price of $1.777 trillion, down 0.4% from the revised June estimate of $1.784 trillion. 

The July decide, however, was nonetheless 8.5% above the July 2021 estimate of $1.64 trillion. 

Through The primary seven months of 2022, complete construction spending was $1.01 triillion, 10.8% above the $915.2 billion For The identical interval in 2021, the report said. 

Spending on private construction was at a seasonally adjusted annual price of $1.42 trillion, 0.8% under the revised June estimate of $1.44 trillion. 

Residential construction was at a seasonally adjusted annual price of $920.4 billion in July, 1.5% under the revised June estimate of $934.4 billion, however nonetheless 14% above the July 2021 estimate of $815 billion.

Spending on new single-household houses was estimated at an annual price of $450.1 billion, down 4% from the June estimate of $469 billion. The July estimate was nonetheless 2.9% above the estimate for July a yr earlier.

Spending on multihousehold houses additionally decreased from a month earlier. Based mostly on the report, spending fell 0.6% to $100.5 billion. It was additionally down 1.2% from a yr earlier. 

Nonresidential construction was at a seasonally adjusted annual price of $503.9 billion in July, 0.4% above the revised June estimate of $502.1 billion. 

Whereas private spending fell In July, public spending elevated. The estimated seasonally adjusted annual price of public construction spending was $353.1 billion, 1.5% above the revised June estimate of $347.9 billion. 

Freeway construction was at a seasonally adjusted annual price of $102.7 billion, 4.3% above the revised June estimate of $98.4 billion.

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