July 2013 Construction Spending Most Since August 2010
According to the Census Bureau, the value of construction put in place in July 2013 was $83,209 (millions of real dollars). July 2013 is the highest level of construction spending in real dollars since August 2010. This was an increase of 3.1% from July 2012. Real construction spending has grown month-over-month since January 2012. However, July's rate of month-over-month growth was the third slowest since December 2011. After stablizing for several months, the annual rate of change has continued to grow more slowly.
Real construction spending is linked very closely to real consumer spending. With consumer spending growing more slowly for almost two years one would expect real construction spending to grow more slowly through at least the remainder of 2013.
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