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.