A deeper analysis of the U.S. Census Construction Spending data, provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 0.4% in August to a seasonally adjusted annual rate (SAAR) of $786.6 billion. Year-over-year total private residential spending was 24.3% higher.
Spending on single-family and multifamily construction dipped, -0.7% and -0.8% respectively. Spending on home improvement increased 2.5% in August, following a -0.2% slip in July.
Private nonresidential construction spending slipped to a SAAR of $455.6 billion in August, a -1% decline from upwardly revised July estimates. And was -2.3% lower than a year ago.
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Private Residential Spending Keeps Rising in August