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Construction Spending Drops in July

September 2, 2008

According to a report from the U.S. Department of Commerce, construction spending in the United States declined 0.6% month-over-month in July.

The total construction figure for June was revised to 0.3% from -0.4%. Residential construction fell by 2.1%, up slightly from June's 1.3% decrease, while non-residential construction gained 0.2%, down slightly after rising 1.1% in the previous month.

The report also noted a 1.4% pullback in private construction and a 1.4% increase in public building, which came in at 0.2% and 0.4%, respectively, in June.

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