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.
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