July construction spending rises 5.5% YOY
The U.S. Census Bureau reports construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7% (±0.5%) above the revised June estimate of $1,958.9 billion. The July figure is 5.5% (±1.2%) 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% (±1.0%) above the $1,062.1 billion for the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,548.9 billion, 1.0% (±0.3%) above the revised June estimate of $1,533.7 billion. Residential construction was at a seasonally adjusted annual rate of $879.0 billion in July, 1.4% (±1.3 percent) above the revised June estimate of $866.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $670.0 billion in July, 0.5% (±0.3 percent) above the revised June estimate of $666.9 billion.
In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, 0.4% (±1.0 percent)* below the revised June estimate of $425.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.8 billion, 0.1% (±1.3%)* above the revised June estimate of $89.7 billion. Highway construction was at a seasonally adjusted annual rate of $128.1 billion, 0.6% (±2.1%)* below the revised June estimate of $128.9 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
