San Francisco Convention Center Skyline 1920
San Francisco Convention Center Skyline 1920
San Francisco Convention Center Skyline 1920
San Francisco Convention Center Skyline 1920
San Francisco Convention Center Skyline 1920

Construction Spending Sees Another Steady Increase in July with a +0.7% Increase

Sept. 8, 2023
Single-family construction was responsible for a big chunk of the increase in residential building.

Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, +0.7% percent above the revised June estimate of $1,958.9 billion. The July figure from the U.S. Census Dept. is +5.5% above the July 2022 estimate of $1,869.3 billion. During the first seven months of this year, construction spending amounted to $1,101.5 billion, +3.7% above the $1,062.1 billion for the same period in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,548.9 billion, +1% above the revised June estimate of $1,533.7 billion. Residential construction was at a seasonally adjusted annual rate of $879 billion in July, +1.4% above the revised June estimate of $866.8 billion. Single-family construction was responsible for a big chunk of that increase, with a +2.8% increase to $389.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $670 billion in July, +0.5% above the revised June estimate of $666.9 billion.

While the Computer/Electronic/Electrical sub-categories have generated the most increases over the past year, on a monthly percent basis, the Chemical and Plastic/Rubber categories,with monthly increases of +3.9% and +3%, respectively, saw the biggest increases in July.

Public construction

In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, -0.4% below the revised June estimate of $425.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.8 billion, +0.1% above the revised June estimate of $89.7 billion.