Construction Spending Is Up following Early Summer Letdowns

Oct. 2, 2017

Total August construction spending in the U.S. increased on the month and the year, thanks in part to help from private projects.
Spending rose 0.5% at a seasonally adjusted annual rate of $1.218 trillion in August from July, with spending during the first eight months of the year up 4.7% over the year prior, the Census Bureau reported.

Private construction spending increased 0.4% in August from July to $954.8 billion, with residential spending growing by 0.4% on the month to $520.9 billion and nonresidential spending rising 0.5% over the same time frame.

The overall amount of public spending continues to lag private outlays, but increased 0.7% in August from July to $263.5 billion, Census said. Still, public outlays are down 5.3%, year to date.

– Nicholas Stern, managing editor

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