Industry News

Real estate construction spending grows

Annualized rate increases to $997 billion in July

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Construction spending on housing put in place during July rose approximately 0.4 percent to a seasonally adjusted annual rate of $997.2 billion, compared to the revised June estimate of $992.9 billion, according to the U.S. Commerce Department's Census Bureau. The July figure is approximately 9.7 percent above the July 2003 estimate of $909.4 billion. During the first seven months of this year, construction spending amounted to $550.2 billion, approximately 9 percent above the $504.8 billion for the same period in 2003. Spending on private construction was at a seasonally adjusted annual rate of $758.3 billion, approximately 0.4 percent above the revised June estimate of $755.3 billion. Residential construction was at a seasonally adjusted annual rate of $537.5 billion in July, approximately 0.3 percent above the revised June estimate of $536.1 billion. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....