July construction spending up 6.7% YOY
Construction spending during July 2024 was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3% (±1.0%)* below the revised June estimate of $2,169.0 billion. The July figure is 6.7% (±1.8%) above the July 2023 estimate of $2,027.4 billion.
During the first seven months of this year, construction spending amounted to $1,237.5 billion, 8.8% (±1.2%) above the $1,137.4 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,678.7 billion, 0.4% (±0.7%)* below the revised June estimate of $1,685.5 billion.
Residential construction was at a seasonally adjusted annual rate of $941.6 billion in July, 0.4% (±1.3%)* below the revised June estimate of $945.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $737.2 billion in July, 0.4% (±0.7%)* below the revised June estimate of $740.2 billion.
Public Construction
In July, the estimated seasonally adjusted annual rate of public construction spending was $484.0 billion, 0.1% (±1.8%)* above the revised June estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $100.8 billion, 0.9% (±2.6%)* below the revised June estimate of $101.8 billion. Highway construction was at a seasonally adjusted annual rate of $140.9 billion, 0.8% (±4.6%) below the revised June estimate of $142.0 billion.
INDUSTRIAL SUPPLY MAGAZINE
The September/October issue of Industrial Supply magazine features an in-depth cover story about Kurz Industrial Solutions. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Hockett, as well as interviews with numerous product and distribution industry experts.
