Total construction spending stumbles in July but still ahead of year-ago levels
The U.S. Census Bureau reported that total construction spending fell 0.9 percent in July to $834.4 billion after rising 0.4 percent in June, ending three months of consecutive increases. On a positive note, year-to-date, construction spending was up 9.3 percent from the same period last year, according to a September 25 Reed Construction Data release.
Nonresidential building construction slid 0.7 percent in July to $298.8 billion after declining 0.1 percent in June.
The Reed Construction Data forecast, which assumes no recession, is for total construction spending to increase 8.1 percent in 2012, 7.9 percent in 2013 and 9.6 percent in 2014.