Widget Image
Follow PPD Social Media
Tuesday, July 16, 2024
HomeNewsEconomyConstruction Spending Ticks Up Less than Expected in August

Construction Spending Ticks Up Less than Expected in August

Construction planning drawings on the table and a compass. (Photo: AdobeStock)

The U.S. Census Bureau reported total construction spending was estimated at a seasonally adjusted annual rate of $1,287.3 billion in August, a gain of just 0.1% (±1.2%). The downwardly revised estimate for July was $1,285.6 billion.

That’s 1.9% (±1.8%) below the August 2018 estimate of $1,312.2 billion and construction spending amounted to $851.3 billion during the first 8 months of the year, or 2.3% (±1.2%) below the $871.3 billion for the same period in 2018.

Private Construction Spending

Spending on private construction was at a seasonally adjusted annual rate of $955.0 billion, nearly unchanged from (±0.8%) the revised July estimate of $954.8 billion.

Residential construction came in at a seasonally adjusted annual rate of $507.2 billion, a gain of 0.9% (±1.3%) from the estimate of $502.5 billion in July.

Nonresidential construction came in at a seasonally adjusted annual rate of $447.9 billion in August, or 1.0% (±0.8%) below the revised estimate of $452.3 billion for July.

Public Construction Spending

In August, the estimated seasonally adjusted annual rate of public construction spending was $332.3 billion, 0.4% (±2.0%) above the revised July estimate of $330.8 billion.

Written by

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.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial