September 1 Construction spending in July dropped 1.0% following a 0.8% decline in June, according to the latest data from the U.S. Census Bureau. All figures are seasonally adjusted.
The July figure of $805.2 billion was 10.7% below spending in July 2009. For the seven months of the year spending is off 11.8% compared to the comparable period last year.
Construction spending has fluctuated in recent months, largely with changes in the public component. Public spending gained 0.6% in June but declined 1.2% in July, for example. The recent sharp fall in home sales rippled into overall construction spending, analysts said.