Construction spending falls during July

Construction spending fell during July.

Property management companies throughout the country experienced a decline in investor construction spending during July, according to a report from the U.S. Census Bureau.

Total construction spending dropped by 0.9 percent in July to a pace of $834.4 billion when compared to the previous month's rate of $842.2 billion. In addition, the report explained that June's increase was 0.4 percent, making the decline the largest in about one year. This was also the first drop in spending rates in four months.

"The recovery will take place in fits and starts," Ryan Sweet, senior economist at Moody’s Analytics, told Bloomberg. "The improvement should continue this year."

Even with the drop in July, total construction was still more than 9 percent above the same point in 2011, when it was $763.5 billion, the report explained. New multifamily construction also increased, as it jumped to $21.9 billion during July from June's rate of $21.3 billion. Additionally, it was $15.1 billion last year.

The report added that nonresidential construction spending dropped 0.9 percent to a rate of $294.1 billion, from June's rate of $296.7 billion.

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