Construction Spending Is Flat in July

Construction spending was unchanged in July as single-family-home building and government projects offset weak commercial development, the government said.

Outlays for building were at a seasonally adjusted annual rate of $834.1 billion in July, a statistically insignificant rise from an upwardly revised $833.8-billion pace in June, the Commerce Department said.

Nonresidential construction, hit by a lag in business spending, fell to a $162.1-billion annual rate, the lowest since September 1996.

Residential construction fell to a $408.6-billion pace on a decline in apartment building and remodeling, but the broader single-family housing sector rose to a $262.6-billion level, a 0.4% increase.