Highway construction sinks a point in July

The U.S. Census Bureau of the Department of Commerce announced yesterday that construction spending during July 2009 was estimated at a seasonally adjusted annual rate of $958.0 billion, 0.2% below the revised June estimate of $959.5 billion. The July figure is 10.5% below the July 2008 estimate of $1,070.2 billion.

During the first seven months of this year, construction spending amounted to $543.8 billion, 11.4% below the $613.5 billion for the same period in 2008.

Spending on private construction was at a seasonally adjusted annual rate of $630.4 billion, 0.1% above the revised June estimate of $629.6 billion. Residential construction was at a seasonally adjusted annual rate of $245.6 billion in July, 2.3% above the revised June estimate of $240.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $384.9 billion in July, 1.2% below the revised June estimate of $389.5 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $327.6 billion, 0.7% below the revised June estimate of $329.9 billion. Educational construction was at a seasonally adjusted annual rate of $90.8 billion, 1.3% below the revised June estimate of $92.0 billion. Highway construction was at a seasonally adjusted annual rate of $83.8 billion, 1.0% below the revised June estimate of $84.7 billion.