US construction spending for July +0.7% vs. +0.6% estimate

US construction spending was +0.7% in June from +0.1% originally reported. Revised higher.

The US construction spending for July came in higher than expectations at +0.7% vs +0.6%. The best news was the prior month was revised sharply higher at +0.7% vs. +0.1%.

The construction outlays are the highest since May 2008.

Residential construction rose 1.1% vs 0.9% in June
Non residential construction rose +0.5% vs +0.6% in June.

Private construction rose 1.0% for the month while public spending was down -1.0%.

Year on year total construction spending is up a robust 13.7% with residential up 15.8% and non-residential up 12.7%.

Private construction is leading the way with a 16.9% gain for the year, while public spending is up 6.1%.

Overall, it is a strong report. The weaker ISM data has balanced out the dollars reaction however.