Residential Construction Spending Drops Further Off 2018 Pace

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Posted To: MND NewsWire

Construction spending inched up by 0.1 percent in July, to a seasonally adjusted annual rate of $1.289 trillion compared to $1.288 trillion in June. The July figure is 2.7 percent lower than the rate of spending in July 2018. On an unadjusted basis, spending for the month was $119.214 billion and for the year-to-date (YTD) stands at $733.782 billion,, down 2.1 percent from the $749.888 billion spent during the first seven months of 2018. Private sector spending was at a seasonally adjusted rate of $963.139 billion, down 0.1 percent from June and 4.8 percent lower than expenditures in July 2018. For the month, private sector spending totaled $86.812 billion on a non-adjusted basis. YTD the private sector has spent $554.108, a 4.4 percent decrease from the same period last year. Private sector…(read more)

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