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Construction Spending Report Saved by Multi-Family Sector
Tuesday, September 1, 2020
Construction
spending as a whole was essentially flat in July, but residential spending
showed significant growth. The U.S. Census Bureau reported that total
expenditures from both public and private sources were at a seasonally adjusted
annual rate of $1.365 trillion, a 0.1 percent increase from June but down 0.1
percent from July 2019.
On
an unadjusted basis $124.747 billion was spent compared to $123.675 billion the
previous month. For the year-to-date (YTD) $792.641 billion has been expended,
a 4.0 percent increase over the first seven months of last year.
Privately
funded construction increased by 0.6 percent compared to June, an annual
spending rate of $1.014 trillion. This is down 1.8 percent from the July 2019
total. Private spending for the month was $89.787 billion on a non-adjusted
basis up from $89.467 billion in June. YTD spending has increased by 3.3 percent
compared to 2019, to a total of $596.309 billion.
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