Construction spending hits 5-1/2 year high; more metros add jobs; Beige Book is sunny
Vol. 14, No. 34 • Aug. 25-Sept. 4, 2014
Presented by: AGC's Data Digest
Construction spending in July totaled $981 billion at a seasonally adjusted annual rate, up 1.8% from the rate in June, up 8.2% from July 2013, and the highest level since December 2008, the Census Bureau reported on Tuesday. Census revised up the totals for June (by $14 billion) and May ($5 billion).Private residential spending increased 0.7% for the month and 8.0% over the latest 12 months; private nonresidential spending, 2.1% and 14%, respectively; and public construction spending, 3.0% and 2.1%. Of the three residential components, new single-family construction rose 0.5% in July and 9.4% year-over-year; new multifamily, 0.2% and 41%, respectively; and improvements to existing residential structures, 1.2% and -1.7%. The largest private nonresidential segment was power construction (including conventional and renewable power plus oil and gas fields and pipelines), which soared 7.5% for the month and 29% year-over-year.