Although outlays were down $400 million from June's rate, overall spending on construction across the U.S. in July again comfortably broke the trillion-dollar mark -- on a seasonally adjusted annual basis.
July's spending was $99.3 billion above the trillion-dollar level. In June, spending had topped the trillion-dollar mark by $99.7 billion.
Spending on private construction, which includes both residential and non-residential building, was at a seasonally adjusted annual rate of $856.2 billion in July, two-tenths of a percentage point higher than June's revised figure of $854.5 billion.
Spending on public construction, which includes schools and highways, was at a seasonally adjusted annual rate of $243.2 billion in July, eight-tenths of a percentage point below June's revised rate $245.2 billion.