Economic Report

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Spending was down 0.4% in July, matching Wall Street’s estimate.

Construction of new homes, commercial buildings, and others, is a key part of the U.S, economy.

FREDERIC J. BROWN/AFP/Getty Images

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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.

U.S. stocks DJIA, +1.19% and SPX, +1.53% were down during early trading on Thursday.