US construction spending little changed in July

Outlays on construction were little changed in July, following a sharp drop in non-residential spending.

According to the Department of Commerce, in seasonally adjusted terms, total construction expenditures edged up at a 0.1% month-on-month pace in July to reach $1.36bn.

That was well below the 1.0% gain that analysts had penciled-in.

Residential spending jumped by 2.1% against June to reach $555.45bn, but non-residential outlays at a 1.2% pace on the month to reach $809.11bn.

Spending on highways and streets was especially weak, declining by 3.1% on the month.

Private sector construction spending meanwhile was 0.6% stronger to reach $1.01trn, while in the public sector it weakened by 1.3% to $342.5bn.

Versus a year ago, construction spending was 0.1% weaker.