Construction spending increased 0.1% from June to July but is down 2.7% compared with July 2018, according to www.agc.org.
“Overall spending totals have been fluctuating for more than two years, with divergent patterns for residential, private nonresidential and public construction,” says Ken Simonson, chief economist for the Associated General Contractors of America. “Although year-to-date construction spending in the first seven months of 2019 combined was less than in the same period last year, most nonresidential and multifamily contractors remain busy and optimistic about future work.”
For public construction, spending increased 0.4% for the month and 5.6% year-to-date. Private residential construction rose 0.6% for the month but decreased 8.5% year-to-date. Private nonresidential spending fell 0.8% from June to July but rose 0.6% year-to-date.