Construction Spending in July

Note: I'm back. I had to cut my hiking trip short due to a minor injury. I'm fine, no worries. My thanks to Paul Jackson and Lama for their guest posts. Best to all. CR

Construction spending declined in June for both residential and non-residential private construction.

From the Census Bureau: July 2008 Construction at $1,084.4 Billion Annual Rate

Residential construction was at a seasonally adjusted annual rate of $357.8 billion in July, 2.3 percent below the revised June estimate of $366.1 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $416.8 billion in July, 0.7 percent below the revised June estimate of $419.8 billion.

Click on graph for larger image in new window.

This graph shows private residential and nonresidential construction spending since 1993.

It's still too early to call the peak for nonresidential construction spending, but there is substantial evidence of a looming slowdown - less lending for new projects, less work for architects - so June 2008 might have been the peak for this nonresidential construction spending cycle.