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The U.S. government is reporting that total construction spending in July, 2022 was at a seasonally adjusted annual rate of $ 1,777.3 billion, which is 0.4% lower than June’s revised estimate but is 8.5% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $ 920.4 billion in July, which is 1.5% lower than June’s revised estimate.