Construction Spending Up 6.5% YOY in August

Washington, DC, October 1, 2018-Construction spending during August 2018 was estimated at a seasonally adjusted annual rate of $1,318.5 billion, 0.1% above the revised July estimate of $1,317.4 billion, according to the U.S. Census Bureau.

The August figure is 6.5% above the August 2017 estimate of $1,237.5 billion. During the first eight months of this year, construction spending amounted to $862.0 billion, 5.3% above the $818.7 billion for the same period in 2017.

Spending on private construction was at a seasonally adjusted annual rate of $1,001.7 billion, 0.5% below the revised July estimate of $1,006.9 billion. Residential construction was at a seasonally adjusted annual rate of $548.9 billion in August, 0.7% below the revised July estimate of $553.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $452.9 billion in August, 0.2% below the revised July estimate of $453.9 billion.

In August, the estimated seasonally adjusted annual rate of public construction spending was $316.7 billion, 2.0% above the revised July estimate of $310.5 billion. Educational construction was at a seasonally adjusted annual rate of $72.3 billion, 1.0% above the revised July estimate of $71.7 billion. Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 1.7% above the revised July estimate of $97.3 billion.