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Tuesday, December 6, 2022
HomeNewsEconomyConstruction Spending Gains Less than Expected for August

Construction Spending Gains Less than Expected for August

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

Construction spending for August 2018 was estimated at a seasonally adjusted annual rate of $1,318.5 billion, 0.1% (±1.6%)* higher than the revised July estimate of $1,317.4 billion. The August figure is 6.5% (±2.0%) above the August 2017 estimate of $1,237.5 billion.

During the first eight months of this year, construction spending amounted to $862.0 billion, 5.3% (±1.3%) above the $818.7 billion for the same period in 2017.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,001.7 billion, 0.5% (±1.0%)* below the revised July estimate of $1,006.9 billion.

Residential construction was at a seasonally adjusted annual rate of $548.9 billion in August, 0.7% (±1.3%)* below the revised July estimate of $553.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $452.9 billion in August, 0.2% (±1.0%)* below the revised July estimate of $453.9 billion.

Public Construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $316.7 billion, 2.0% (±2.8%)* above the revised July estimate of $310.5 billion. Educational construction was at a seasonally adjusted annual rate of $72.3 billion, 1.0% (±4.4%)* above the revised July estimate of $71.7 billion.

Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 1.7% (±6.9%)* above the revised July estimate of $97.3 billion.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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