Construction spending dips in July

Construction spending fell 0.9 percent in July to $834.4 billion on a seasonally adjusted annual basis, the U.S. Census Bureau reported Tuesday. Total construction spending in June was revised higher, from $842.1 billion to $842.2 billion, the bureau said. Spending for July was 9.3 percent above July 2011 when $763.5 billion was spent on construction projects on a seasonally adjusted annual basis. Spending on private construction was at a seasonally adjusted annual rate of $558.7 billion, 1.2 percent less than June's revised estimate of $565.6 billion, the Census Bureau said. The report said residential construction was at a seasonally adjusted annual rate of $264.6 billion in July, 1.6 percent below June's revised figure of $268.9 billion. Non-residential private construction was at a seasonally adjusted annual rate of $294.1 billion in July, 0.9 percent below the $296.7 spent in June -- also a revised figure. The estimated seasonally adjusted annual rate of public construction spending in June was $275.7 billion, slightly lower than the revised June estimate of $276.7 billion, the Census Bureau said. Educational construction was at a seasonally adjusted annual rate of $66 billion, 0.6 percent below the revised June estimate of $66.4 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $81.2 billion, 0.3 percent below the revised June estimate of $81.4 billion.