Construction Spending Rebounds Sharply

Construction spending jumped by 1.8% in July, beating expectations for a 1.0% rebound.

Making things even better, spending in June fell by just 0.9%, which compares to an earlier estimate of a 1.8% decline.

Both private and public construction spending saw grwoth.

From the Census:

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $701.7 billion, 1.4 percent (±0.8%) 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 percent (±1.3%)* 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 percent (±0.8%) above the revised June estimate of $336.6 billion.

PUBLIC CONSTRUCTION
In July, the estimated seasonally adjusted annual rate of public construction spending was $279.6 billion, 3.0 percent (±3.0%)* above the revised June estimate of $271.5 billion. Educational construction was at a seasonally adjusted annual rate of $63.5 billion, 1.6 percent (±4.9%)* above the revised June estimate of $62.5 billion. Highway construction was at a seasonally adjusted annual rate of $84.8 billion, 6.9 percent (±7.7%)* above the revised June estimate of $79.3 billion.

Here's a breakdown by type of construction.