Widget Image
Follow PPD Social Media
Tuesday, October 8, 2024
HomeNewsEconomyConstruction Spending Doubles Expectations in August

Construction Spending Doubles Expectations in August

Construction planning drawings on the table and two yellow pencils to illustrate total construction spending data and projects. (Photo: AdobeStock)
Construction planning drawings on the table and two yellow pencils to illustrate total construction spending data and projects. (Photo: AdobeStock)
Construction planning drawings on the table and two yellow pencils to illustrate total construction spending data and projects. (Photo: AdobeStock)

Total construction spending was estimated at a seasonally adjusted annual rate of $1,412.8 billion, 1.4% (±1.0%) above the revised July estimate of $1,392.7 billion. It is now up 2.5% (±1.5%) year-over-year, when it was $1,379.0 billion.

Forecasts ranged from a low of 0.5% to a high of 1.3%. The consensus forecast was 0.7%. Year-to-date, construction spending totaled $927.7 billion, 4.2% (±1.2 percent) above the $889.9 billion for the same period in 2019.

Residential construction came in at a seasonally adjusted annual rate of $589.4 billion in August, 3.7% (±1.3%) above the revised estimate of $568.3 billion in July. Nonresidential construction was at a seasonally adjusted annual rate of $472.0 billion in August, 0.3% (±0.7%) below the revised July estimate of $473.4 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