Construction Booms in July

WASHINGTON - Construction spending rose to the highest level on record in July, the Commerce Department reported Wednesday.

The value of buildings put in place clocked in at a seasonally adjusted annual rate of $997.2 billion, which is an all-time high level. This represents a 0.4 percent increase over June's level. Public, private, and private residential construction climbed to record high levels in July.

June spending on construction projects was largely flat, according to revised figures. However, June's numbers marked an improvement from the 0.3 percent decline initially estimated.

Spending on private construction was at a seasonally adjusted rate of $758.3 billion, 0.4 percent above the revised June estimate of 755.3 billion. Residential construction was at a seasonally adjusted annual rate of $537.5 billion. In July, 0.3 percent above the revised June estimate of $536.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $220.8 billion in July, 0.8 percent above the revised June estimate of $219.1 billion.

In July, the estimated seasonally adjusted rate of public construction spending was $238.9 billion, 0.6 percent above the revised June estimate of $237.6 billion. Educational construction was at a seasonally adjusted annual rate of $63.8 billion, 1.5 percent below the revised June estimate of $64.8 billion. Highway construction was at a seasonally adjusted annual rate of $65.7 billion, 1.8 percent below the revised June estimate of $66.9 billion.