U.S. Construction Spending Flat in July

U.S. construction spending for July 2005 remained practically unchanged from June against forecasts of a 0.5 percent increase, according to data released by the U.S. Census Bureau of the Department of Commerce.

The Census Bureau reports that spending was estimated at a seasonally adjusted annual rate of $1.099 trillion, nearly the same as the revised June estimate.

The July figure is 6 percent above last year’s estimate of $1.037 trillion.

Spending on private construction in July rose 0.2 percent from June to $856.2 billion. Residential construction also rose 0.2 percent, as did nonresidential.

However, at $243.2 billion, public construction fell 0.8 percent below the revised June estimate of $245.2 billion.