US construction spending edges up by 0.7% in June

Posted on September 11, 2023   |  

The construction spending for July reached a seasonally adjusted annual rate (SAAR) of $1,972.6 billion, showing a 0.7% increase compared to the revised June estimate of $1,958.9 billion.

This represents a significant year-over-year growth of 5.5%, surpassing the July 2022 estimate of $1,869.3 billion.

Over the first 7 months of 2023, construction spending grew by 3.75 TO $1,101.5 billion from the same period in 2022.

In the private sector, construction spending demonstrated strength with a SAAR of $1,548.9 billion, up 1.0% from the revised June estimate of $1,533.7 billion. 

Residential construction also saw growth at a SAAR of $879.0 billion, up 1.4% from June's revised estimate of $866.8 billion.

Nonresidential construction reached a SAAR of $670.0 billion, showing a 0.5% increase from the revised June estimate of $666.9 billion.

In the public sector, the estimated SAAR for construction spending in July stood at $423.7 billion, showing a slight 0.4% increase from the revised June estimate of $425.2 billion.