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That’s according to analysis of the latest data from the US Census Bureau by Associated Builders and Contractors (ABC).

Non-residential construction spending fell 0.2% in July according to ABC, with private non-residential spending down 0.4% and public non-residential spending up 0.2%.

ABC chief economist Anirban Basu said, “Non-residential construction spending declined for the second consecutive month in July but remains just 0.4% below the all-time high established in May.

“While Hurricane Beryl, which interrupted construction activity along the Gulf Coast in early July, contributed to the month’s weak construction spending data, the cumulative effect of high interest rates likely bears more blame. This is particularly true for non-residential spending in the private sector, which fell 0.4% for the month and is up just 4.5% over the past year.

“Less than half of contractors expect their sales to increase over the next six months, according to ABC’s Construction Confidence Index, a clear indication that the industry is eagerly awaiting lower interest rates,” he added. “Fortunately, it’s all but certain that the Federal Reserve will begin lowering rates at its September meeting. The remaining question is whether it will be a 25- or 50-basis point cut.”

Separate analysis by the Associated General Contractors of America (AGC) found that total construction spending was down 0.3% June to July. That was brought down by declines in private residential and non-residential construction, according to its analysis.

Construction spending, not adjusted for inflation, totalled nearly US$2.2 trillion at a seasonally adjusted annual rate in July, according to the AGC. That was 0.3% below the June rate but 6.7% above the July 2023 level.

It found that private non-residential and residential spending both fell 0.4% in July but rose year-over-year, by 7.7% and 4.5%, respectively. Public construction spending climbed 0.1% for the month and 8.1% from July 2023.

The AGC again urged federal leaders to increase investment in construction education and training, following the findings of the 2024 AGC/Arcoro Workforce Survey, which revealed that 94% of the companies that had openings for hourly craft workers reported difficulty filling these positions.

AGC chief executive Jeffrey D. Shoaf said, “Demand for construction remains strong, but unfortunately demand for workers remains even stronger.

“Federal officials need to embrace more effective workforce development policies to make sure construction activity continues to expand and keep pace with demand.”