Spending on construction projects slid 0.2% to a seasonally adjusted annual rate of $958.0 billion in July as private construction increased 0.1% and public construction fell 0.7%, according to Commerce Department figures released yesterday.
The overall decrease, which compares to the 0.1% decrease projected by Thomson Reuters, followed a revised June level of $959.5 billion, a 0.1% increase originally reported as a 0.3% gain to $966.7 billion.
Spending on total private construction grew 0.1% to $630.4 billion in July, up from a 1.6% drop in June to $629.6 billion. Total private construction was down 17.0% from July 2008.
