jacus / iStock / Getty Images Plus
Electricalmarketing 3171 Electrical Construction Gettyimages 179070534
Electricalmarketing 3171 Electrical Construction Gettyimages 179070534
Electricalmarketing 3171 Electrical Construction Gettyimages 179070534
Electricalmarketing 3171 Electrical Construction Gettyimages 179070534
Electricalmarketing 3171 Electrical Construction Gettyimages 179070534

Value of New Construction Shows Slight Increase in July, Tracking +5.8% YOY

Sept. 7, 2018
Construction spending during July 2018 was estimated at a seasonally adjusted annual rate of $1,315.4 billion, +0.1% above the revised June estimate

Construction spending during July 2018 was estimated at a seasonally adjusted annual rate of $1,315.4 billion, +0.1% above the revised June estimate of $1,314.2 billion, according to the U.S. Census Dept. The July figure is +5.8% above the July 2017 estimate of $1,242.8 billion. During the first seven months of this year, construction spending amounted to $740.5 billion, +5.2% above the $703.7 billion for the same period in 2017.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,010.9 billion, -0.1% below the revised June estimate of $1,011.9 billion. Residential construction was at a seasonally adjusted annual rate of $560.1 billion in July, +0.6% above the revised June estimate of $556.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $450.9 billion in July, -1% below the revised June estimate of $455.3 billion. At $63 billion, private office construction is one of the larger niches in this category. While it showed  little growth over June, with just a +0.3% increase, office construction year-over-year  is up +6.8%. Construction of private electric power facilities also showed a solid increase year-over-year. It was up +5% in July to $72.9 billion.

Public construction. In July, the estimated seasonally adjusted annual rate of public construction spending was $304.5 billion, +0.7% above the revised June estimate of $302.3 billion. Educational construction was at a seasonally adjusted annual rate of $71.6 billion, +2.1% above the revised June estimate of $70.1 billion, and +1.9% over July 2017.