Construction Spending Fell 0.7% in August

Washington, DC, October 3, 2016—Construction spending during August 2016 was estimated at a seasonally adjusted annual rate of $1,142.2 billion, 0.7% below the revised July estimate of $1,150.6 billion, according to the U.S. Census Bureau of the Department of Commerce.

The August figure is 0.3% below the August 2015 estimate of $1,145.2 billion.

During the first eight months of this year, construction spending amounted to $755.0 billion, 4.9% above the $720.0 billion for the same period in 2015.

Spending on private construction was at a seasonally adjusted annual rate of $871.6 billion, 0.3% below the revised July estimate of $874.6 billion. Residential construction was at a seasonally adjusted annual rate of $449.2 billion in August, 0.3% below the revised July estimate of $450.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $422.4 billion in August, 0.4% below the revised July estimate of $424.2 billion.

In August, the estimated seasonally adjusted annual rate of public construction spending was $270.5 billion, 2.0% below the revised July estimate of $276.0 billion. Educational construction was at a seasonally adjusted annual rate of $66.9 billion, 0.4% below the revised July estimate of $67.2 billion. Highway construction was at a seasonally adjusted annual rate of $84.6 billion, 2.9% below the revised July estimate of $87.2 billion.