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by CareyBot

The U.S. Census Bureau of the Department of Commerce today announced that construction spending during July was estimated at a seasonally adjusted annual rate of $1.099.3 trillion, down slightly from the revised June estimate of $1,099.7 trillion but 6 percent above the July 2004 estimate. During the first seven months of this year, construction spending amounted to $617.9 billion, approximately 9.3 percent above the $565.4 billion for the same period in 2004. Spending on private construction was at a seasonally adjusted annual rate of $856.2 billion, about 0.2 percent above the revised June estimate of $854.5 billion. Residential construction was at a seasonally adjusted annual rate of $615.8 billion in July, approximately 0.2 percent above the revised June estimate of $614.6 billion....