Private and public construction spending fell off in July, shy of initial estimates, with private nonresidential spending worse for the wear if trends persist, analysts say.
[IMAGE] [COLUMN_BREAK]Analysts with ""IHS Insight"":http://www.ihs.com/products/global-insight/index.aspx shared their concerns on Tuesday with commentary detailing the latest spending numbers from the ""Census Bureau"":http://www.census.gov/.
According to the report, construction spending declined by 0.9 percent in July, while spending went up 9.3 percent year-over-year.
Public construction declined by 0.4 percent, with overall spending falling 0.2 percent. Private construction fell 1.2 percent, just as residential and nonresidential spending dovetailed by 1.6 percent and 0.9 percent, respectively, the report said.
Not far behind, private residential construction fell by 1.6 percent, with residential spending on its way to 1.6 percent, according to the report. Single-family homes ticked up 1.5 percent, while multifamily spending slid to 2.8 percent.
IHS Global Insight analysts Patrick Newport and Michelle Valverde called the spending slowdown a ""disappointing report.""
Citing an Architecture Billings Index, the two also noted that private nonresidential construction may ""[head] for rough seas in nine to twelve months,"" adding that ""a slowdown in this category is much more likely than a contraction.""