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