U.S. Construction Spending Dips in July

U.S. construction spending fell by 1.2 percent in July, according to statistics released by the U.S. Department of Commerce.

July’s drop of 2 percent in private residential construction spending marks the fourth consecutive monthly decrease in that category. Total public construction spending dropped 0.7 percent from June’s revised figures, with highway construction falling 0.6 percent.

However, educational construction saw a 1 percent increase since June. Private nonresidential construction also increased 0.3 percent in the month of July.