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Construction spending in July jumps the most in two years

Public, nonresidential spending fuel the bulk of growth

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Construction spending during July 2014 was estimated at a seasonally adjusted annual rate of $981.3 billion, 1.8% above the revised June estimate of $963.7 billion and the biggest jump in two years.

The growth was driven mostly by non-residential and public construction spending, although residential spending was up.

The July figure is 8.2% above the July 2013 estimate of $906.6 billion.

During the first seven months of this year, construction spending amounted to $535.4 billion, 7.9% above the $496.3 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4% above the revised June estimate of $692.2 billion.

Residential construction was at a seasonally adjusted annual rate of $358.1 billion in July, 0.7% above the revised June estimate of $355.6 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $343.6 billion in July, 2.1% above the revised June estimate of $336.6 billion.

In July, the estimated seasonally adjusted annual rate of public construction spending was $279.6 billion, 3% above the revised June estimate of $271.5 billion.

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