Construction + Economy

July 2009 Construction Holds Steady at $958 Billion Annual Rate

Craig DiLouie September 30, 2009

Construction spending during July 2009 was estimated at a seasonally adjusted annual rate of $958 billion, 0.2% below the revised June estimate of $959.5 billion and 10.5% below the July 2009 estimate of $1,070.2 billion. During the first seven months of 2009, construction spending reached $543.8 billion, 11.4% below the $613.5 billion for the same period in 2008.

Residential spending held steady in June versus May. Residential construction increased slightly from $252.1 billion in May to $253.8 billion in June. It had been falling fairly steadily since January, and remains 29.3% off June 2008.

Nonresidential construction declined in July. Private nonresidential construction declined from about $389.5 billion in June to about $384.9 billion in July. This represents an 8.3% decrease from July 2008. Public nonresidential construction also declined from about $321.6 billion in June to about $319 in July. This market is 5.4% over July 2008, however.

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