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Tuesday, October 20, 2020
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
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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