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US construction spending rebounds in July

Construction spending in the U.S. rebounded in July, edging 0.1% higher to a seasonally adjusted annual rate of $1.315 trillion from a revised $1.314 trillion in the preceding month, according to the U.S. Census Bureau.

Private construction spending totaled $1.011 trillion in July, down 0.1% from $1.012 trillion in June. Residential construction spending increased 0.6% to $560.09 billion from $556.69 billion, while nonresidential construction spending dropped 1.0% to $450.86 billion from $455.26 billion.

Spending on public construction rose 0.7% to $304.49 billion in July from $302.29 billion in June. The biggest spending was on highway and street construction, which ticked 0.4% higher to $94.17 billion. Educational construction spending rose 2.1% to $71.64 billion.

Year over year, total construction spending in July climbed 5.8% from $1.243 trillion in July 2017.

Year-to-date, construction spending came in at $740.49 billion in July, up 5.2% from $703.67 billion in June.