U.S. spent $1 trillion on private construction in July

Total construction spending by the private sector for July was estimated at a seasonally adjusted annual rate of $1 trillion, according to the U.S. Census Bureau.

That amount included $546.6 billion spent on residential dwellings and another $466.9 billion on non-residential buildings.

Calculations include labor and material costs, architectural and engineering expenses, overhead, interest, taxes and contractors’ profits.

To gather the data, the Census Bureau mails surveys monthly to a sampling of construction project owners asking for statistics on privately owned nonresidential construction, state and local construction, privately owned multi-family, and federal construction projects.