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US construction spending drops 0.1% in July
Construction spending in the United States recorded $2.13 trillion in July, down by 0.1% compared to the previous month's revised figure, the US Census Bureau revealed in a report on Tuesday. On an annual basis, the figure declined 2.8%. Spending on private construction reached $1.62 trillion, 0.2% below the revised June reading. Residential construction increased by 0.1% to $886.5 billion in July, while nonresidential construction declined 0.5% to $736.7 billion. Public construction was $515.8 billion, 0.3% higher than last month's figure.
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