July Construction Activity Drops One Percent and is Down 10.7 Percent YTY

The U.S. Census Bureau of the Department of Commerce said construction spending during July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion, one percent below the revised June estimate of $813.1 billion. The July figure is 10.7 percent below the July 2009 estimate of $901.2 billion. During the first seven months of this year, construction spending amounted to $460.3 billion, 11.8 percent below the $522 billion for the same period in 2009. The electric power segment did enjoy a notable monthly increase, jumping 11 percent in July, but it’s still down 10.7 percent YTY.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $506.4 billion, 0.8 percent below the revised June estimate of $510.7 billion. Residential construction was at a seasonally adjusted annual rate of $240.3 billion in July, 2.6 percent below the revised June estimate of $246.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $266.1 billion in July, 0.8 percent above the revised June estimate of $264 billion.

Public construction. In July, the estimated seasonally adjusted annual rate of public construction spending was $298.8 billion, 1.2 percent below the revised June estimate of $302.4 billion. Educational construction was at a seasonally adjusted annual rate of $73 billion, 0.1 percent below the revised June estimate of $73.1 billion.