Electricalmarketing 456 20160909emvalcon1595
Electricalmarketing 456 20160909emvalcon1595
Electricalmarketing 456 20160909emvalcon1595
Electricalmarketing 456 20160909emvalcon1595
Electricalmarketing 456 20160909emvalcon1595

Value of New Construction Shows Little Change in July, Up 1.5% Year-Over-Year

Sept. 12, 2016
The U.S. Department of Commerce estimated construction spending during July 2016 at a seasonally adjusted annual rate of $1,153.2 billion, nearly the same as the revised June estimate of $1,153.5 billion. The July figure is 1.5% above the July 2015 estimate of $1,135.9 billion.

The U.S. Department of Commerce estimated construction spending during July 2016 at a seasonally adjusted annual rate of $1,153.2 billion, nearly the same as the revised June estimate of $1,153.5 billion. The July figure is 1.5% above the July 2015 estimate of $1,135.9 billion. During the first seven months of this year, construction spending amounted to $647.7 billion, 5.6% above the $613.1 billion for the same period in 2015.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $875.0 billion, 1% above the revised June estimate of $866.5 billion. Residential construction was at a seasonally adjusted annual rate of $445.5 billion in July, 0.3% above the revised June estimate of $444 billion. Nonresidential construction was at a seasonally adjusted annual rate of $429.5 billion in July, 1.7% above the revised June estimate of $422.5 billion.

Office and commercial markets continued to stand out in private construction, each logging respectable gains over June 2016 and staying up by double digits over July 2015. At $64 billion, office construction was up 4.6% for the month and 30.3% year-over-year (YOY). Commercial construction logged in at $72.1 billion for the month, was up 1.2% over June and 13.5% YOY. Multi-family was also up double digits YOY but showed a slight drop in July.

Public construction. In July, the estimated seasonally adjusted annual rate of public construction spending was $278.2 billion, 3.1% below the revised June estimate of $287 billion. Educational construction was at a $64.6 billion, 8.3% percent below the revised June estimate of $70.4 billion.