Construction Spending for July is at 842.2 – 9.3 % Above Last Year

The U.S. Census Bureau of the Department of Commerce announced today that July 2012 Construction spending at $842.2 billion is 9.3 percent (±2.3%) above the July 2011 estimate of $763.5 billion.

Though these numbers are on the rise, the industry is not out of the woods, therefore The Interface Financial Group recommends construction factoring during this slow growth period.

During the first half of the year, construction spending amounted to $464.4 billion, which was 9.3 percent over the same period in 2011 — $425.0 billion.

The private construction sector came in at a 1.2 percent (±1.3%)* below the revised June estimate of $565.6 billion, at seasonally adjusted annual rate of $558.7 billion. Residential construction came in at a seasonally adjusted annual rate of 1.6 percent below the revised June estimate of $268.9 billion, or at $264.6 billion for July.

On the other hand, nonresidential construction came in at a seasonally adjusted annual rate of $294.1 billion in July. This number is about 0.9 percent below $296.7, the revised June estimate.

Furthermore, the estimated seasonally adjusted annual rate of public construction spending was 0.4 percent below the revised June estimate of $276.7 billion – at $275.7 billion. Educational construction was 0.6 percent below the revised June estimate of $66.4 billion, at an estimated seasonally adjusted annual rate of $66.0 billion.

Highway construction was at a rate of $81.2 billion (an estimated seasonally adjusted annual rate) which was 0.3 percent below $81.4 billion, the revised June estimate.

The Interface Financial Group (http://www.ifgnetwork.com) will post the August 2012 data expected to be released by October 1, 2012.

This entry was posted in construction factoring, News and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *