US Construction Spending Declines 0.1% in August

On Tuesday, the US Census Bureau reported that total construction spending during August was estimated at a seasonally adjusted annual rate (SAAR) of $2,131.9 billion, 0.1% below the revised July estimate of $2,133.9 billion. The August figure is 4.1% above the August 2023 estimate of $2,047.4 billion.

During the first eight months of this year, construction spending amounted to $1,428.5 billion, 7.6% above the $1,327.0 billion for the same period in 2023.

Private Construction

In August, private construction spending was at a SAAR of $1,642.2 billion, 0.2% below the revised July estimate of $1,645.8 billion. Residential construction was at a SAAR of $899.9 billion, 0.3% below the revised July estimate of $903.0 billion. Nonresidential construction was at a SAAR of $742.2 billion, 0.1% below the revised July estimate of $742.8 billion.

Public Construction

In August, the seasonally adjusted annual rate of public construction spending was $489.8 billion, 0.3% above the revised July estimate of $488.2 billion. Educational construction was at a SAAR of $102.4 billion, virtually unchanged from the revised July rate of $102.3 billion. Highway construction was at a SAAR of $141.4 billion, 1.1% above the revised July estimate of $140.0 billion.