July U.S. Construction Spending Falls

U.S. construction spending in July was estimated at a seasonally adjusted annual rate of $1.777 trillion, down 0.4% from June and an 8.5% increase over the year prior. Private construction spending was $1.424 trillion, 0.8% lower than June’s seasonally adjusted annual rate. Residential totals for July dropped 1.5% from the previous month to $920.4 billion and non-residential totals rose 0.4% from June at $503.9 billion. See U.S. Census Bureau