The Department of Commerce said construction spending during July 2012 was estimated at a seasonally adjusted annual rate of $834.4 billion, 0.9 percent below the revised June estimate of $842.2 billion. The July figure is 9.3 percent above the July 2011 estimate of $763.5 billion. During the first seven months of this year, construction spending amounted to $464.4 billion, 9.3 percent above the $425 billion for the same period in 2011.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $558.7 billion, 1.2 percent below the revised June estimate of $565.6 billion. Residential construction was at a seasonally adjusted annual rate of $264.6 billion in July, 1.6 percent below the revised June estimate of $268.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.1 billion in July, 0.9 percent below the revised June estimate of $296.7 billion. Of the major construction categories, office construction showed one of the biggest improvement over 2011, a 10.2% improvement over July 2011 to $25.3 billion.