Construction Spending Declines in August

Washington, DC, Oct. 1, 2014 -- U.S. construction spending fell 0.8% in August to a seasonally adjusted annual rate of $961.0 billion, according to the Commerce Department.

Economists were looking for an increase of 0.5%.

Spending declined 1.4% for nonresidential projects and dropped 0.1% for residential projects.

In the public sector spending fell 0.9%.

July's number was revised lower to a 1.2% increase from an initially reported 1.8% gain.