The Commerce Department said construction spending slipped by 0.1 percent to an annual rate of $2.139 trillion in July after falling by 0.4 to a revised rate of $2.141 trillion in June. Economists had expected construction spending to inch up by 0.1 percent.

With the unexpected dip, construction spending fell to its lowest annual rate since hitting $2.123 trillion in September 2023.

The modest decline by construction spending came amid a decrease by spending on private construction, which dipped by 0.2 percent to an annual rate of $1.623 trillion.

Spending on non-residential construction fell by 0.5 percent to an annual rate of $736.7 billion, more than offsetting a 0.1 percent uptick in spending on residential construction to an annual rate of $886.5 trillion.

On the other hand, the Commerce Department spending on public construction rose by 0.3 percent to an annual rate of $515.8 billion.

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