US Monthly Construction Spending Increases 0.5% Month-Over-Month in August

On Monday (10-2-23), the US Census Bureau reported that total construction spending during August was estimated at a seasonally adjusted annual rate (SAAR) of $1,983.5 billion, 0.5% above the revised July estimate of $1,973.7 billion. The August figure is 7.4% above the August 2022 estimate of $1,847.3 billion. During the first eight months of 2023, construction spending amounted to $1,284.7 billion, 4.2% above the $1,233.4 for the same period in 2022.

Private construction spending in August was at a SAAR of $1,551.8 billion, 0.5% above the revised July estimate of $1,544.6 billion. Residential construction was at a SAAR of $879.9 billion, 0.6% above the revised July estimate of $874.4 billion. Nonresidential construction was at a SAAR of $671.9 billion, 0.3% above the revised July estimate of $666.9 billion.

The estimated SAAR of public construction spending was $431.6 billion, 0.6% above the revised July estimate of $429.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.6 billion, 0.21% above the revised July estimate of $90.4 billion. Highway construction was at a SAAR of $130.4 billion, 0.4% above the revised July estimate of $130.0 billion.