The U.S. Census Bureau reported Monday morning that construction spending in August rose by 0.5% to an estimated seasonally adjusted annual rate of about $1.2183 trillion, above the upwardly revised estimate of $1.2123 trillion in July. Compared with August 2016, total spending is up 2.5%.
For all of 2016, new construction spending rose 4.5% to an estimated total of $1.1624 trillion, compared with the 2015 total of $1.1124 billion. For the first eight months of 2017, construction spending totaled $806.2 billion, up 4.7% year over year.
The consensus estimate by economists surveyed by Bloomberg News called for a month-over-month rise of 0.3% in construction spending for August and a year-over-year spending increase of 1.8%.
For the month of August, private residential construction rose 0.4% month over month to $520.9 billion. Private nonresidential construction rose 0.5% month over month and total private construction spending on a seasonally adjusted annual basis rose 0.4% to $954.84 billion, compared with a revised July total of $950.5 billion.
In the private sector, single-family residential construction is 11.1% higher than it was a year ago and multifamily construction is up 2.3% from August 2016. Private, nonresidential construction is down 2.5% year over year.
In the public sector, seasonally adjusted total spending rose 0.7% compared with July and is 5.1% lower compared with August 2016. Spending on educational facilities increased by 3.5% month over month, and it is down 2.8% from last August’s spending. Public residential construction rose 1.1% month over month and dropped 16.3% compared with August 2016.
Seasonally adjusted annual total public and private construction spending remains well below the year-to-date peak of $1.2367 trillion posted in May.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
