Construction spending in August was estimated at a seasonally adjusted annual rate of $961 billion, or 0.8 percent below the revised July estimate of $968.8 billion, according to new data released by the U.S. Census Bureau.
Construction spending in August was estimated at a seasonally adjusted annual rate of $961 billion, or 0.8 percent below the revised July estimate of $968.8 billion, according to new data released by the U.S. Census Bureau.
Year-over-year, however, the numbers were up. The August 2014 figure is 5.0 percent higher than the August 2013 estimate of $915.3 billion. The first eight months of 2014 saw construction spending of $623.1 billion, 6.8 percent higher than the $583.2 billion for the same period in 2013.
Private construction spending in August was at a seasonally adjusted annual rate of $685.0 billion, down 0.8 percent from July’s $690.3 billion. Of the August figure, residential spending made up $351.7 billion, 0.1 percent below July’s $352.1 billion. Nonresidential spending also fell in August—$333.3 billion compared with July’s $338.1 billion.
Public construction followed the trend, dropping 0.9 percent from July to $275.9 billion.