Spending on residential construction projects in July fell 27.5 percent from a year ago, the U.S. Census Bureau reported this week. The seasonally adjusted annual rate of private residential construction was $357.8 billion in July, compared with $493.6 billion a year earlier, and was down 2.3 percent from $366.1 billion in June ’08. Spending has fallen in each of the last 17 months.

Spending on residential construction projects in July fell 27.5 percent from a year ago, the U.S. Census Bureau reported this week. The seasonally adjusted annual rate of private residential construction was $357.8 billion in July, compared with $493.6 billion a year earlier, and was down 2.3 percent from $366.1 billion in June. Spending has fallen in each of the last 17 months.

Total construction spending, which includes residential, commercial, highways, schools, hotels and government buildings, sank 4.8 percent year-over-year in July, from $1.14 billion to $1.08 billion, and was down 0.6 percent from $1.09 billion in June. This rate is a projection of a monthly construction total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here×