Construction spending ticks up 0.1% in July

Spending on U.S. construction during July was estimated at a seasonally adjusted annual rate of $1.30 trillion, rising 0.1% from the revised June estimate of $1.29 trillion, U.S. Census Bureau said. July’s spending was 2.7% below a year earlier. Spending on private construction was at a seasonally adjusted annual rate of $963.1 billion, 0.1% below the revised June estimate of $963.7 billion, and 4.8% below a year ago. Of that, residential construction spending was at a seasonally adjusted annual rate of $506.7 billion in July, which is 0.6% above the revised June estimate of $503.5 billion but 6.6% down from a year ago.