Economic Buzz: US Construction Spending Falls 0.4% In July

2 Sep 2022 , 09:23 AM

The Commerce Department released a report on Thursday showing U.S. construction spending dropped 0.4 percent to an annual rate of $1.777 trillion in July after falling by 0.5 percent to a revised rate of $1.784 trillion in June. The bigger than expected decrease in total construction spending came as spending on private construction slid by 0.8 percent to an annual rate of $1.424 trillion. Spending on residential construction tumbles by 1.5 percent to a rate of $920.4 billion. The report showed spending on public construction spending jumped by 1.5 percent to an annual rate of $353.1 billion. Powered by Commodity Insights