Total U.S. Construction Spending up Year-Over-Year 2.5% in August

The U.S. Census Bureau has announced that total construction spending during August 2020, was estimated at a seasonally adjusted annual rate (SAAR) of 1,412.8 billion, 1.4% above the revised July estimate of $1,392.7 billion. The August figure is 2.5% above the August 2019 estimate of $1,379.0 billion. During the first eight months of this year, construction spending amounted to $927.7 billion, 4.2% above the $889.9 billion for the same period in 2019. Private construction spending was at a SAAR $1,061.4 billion, 1.9% above the revised July estimate of $1,041.7 billion. Residential construction was at a seasonally adjusted annual rate of $589.4 billion in August, 3.7% above the revised July estimate of $568.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $472.0 billion in August, -0.3% below the revised July estimate of $473.4 billion. In August, the estimated SAAR of public construction spending was $351.4 billion, 0.1% above the revised July estimate of $350.9 billion. Educational construction was at a seasonally adjusted annual rate of $82.6 billion, 0.6% above the revised July estimate of $82.2 billion. Highway construction was at a seasonally adjusted annual rate of $100.6 billion, 1.9% above the revised July estimate of $98.7 billion.