Outlays for construction projects fell 0.4% in July at a seasonally adjusted annual rate of $1.78 trillion, the U.S. Commerce Department reported Thursday.
The drop matched economists’ expectations.
Spending in June fell a revised 0.5% to $1.784 trillion, up from the steeper prior estimate of a 1.1% drop.
Over the past year, construction spending is still up 8.5%.
Total private construction fell 0.8% in July. Private residential construction fell 1.5%, while private nonresidential spending rose 0.4%.
Total public construction rose 1.5%. Residential public construction rose 0.8% while nonresidential public construction rose 1.5% last month.