Construction Spending in August Up 8.9% Year-Over-Year — Virtually Unchanged Month-Over-Month

The U.S. Census Bureau has announced that total construction spending during August 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,584.1 billion, virtually unchanged from the revised July estimate of $1,584.0 billion. The August figure is 8.9% above the August 2020 estimate of $1,455.0 billion. During the first 8-months of this year, construction spending amounted to $1,034.5 billion, 7.0% above the $966.7 billion for the same period in 2020.

Private construction spending was at a SAAR of $1,242.2 billion, -0.1% below the revised July estimate of $1,243.7 billion. Residential construction was at a SAAR of $786.6 billion in August, 0.4% above the revised July estimate of $783.5 billion. Nonresidential construction was at a SAAR of $455.60 billion in August, -1.0% below the revised July estimate of $460.2 billion.

In August, the estimated SAAR of public construction spending was $341.9 billion which was 0.5% above the revised July estimate of $340.3 billion. Educational construction was at SAAR of $79.8 billion, 1.1% above the revised July estimate. Highway construction was at a SAAR of $98.3 billion, 1.6% above the July estimate.