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Last Update: 04-Sep-12 10:49 ET
Construction Spending Falls in July
Construction spending declined 0.9% in July after increasing 0.4% in June. The Briefing.com consensus expected construction spending to increase 0.5%. Private construction declined 1.2% in July while public construction spending fell 0.4%.
Private residential construction, which was expected to boost overall spending, fell 1.6% in July.
The increase in the number of new homes under construction led to a 1.6% increase in structures spending. That gain, however, was more-than-offset by a 5.5% decline in home improvement spending.
Nonresidential private construction fell 0.9% in July. That drop was due mostly to declines in the manufacturing (2.1%), commercial (1.9%), and power (1.4%) sectors.
Private residential construction, which was expected to boost overall spending, fell 1.6% in July.
The increase in the number of new homes under construction led to a 1.6% increase in structures spending. That gain, however, was more-than-offset by a 5.5% decline in home improvement spending.
Nonresidential private construction fell 0.9% in July. That drop was due mostly to declines in the manufacturing (2.1%), commercial (1.9%), and power (1.4%) sectors.
