U.S. Construction dips in August
Private construction spending slips 0.8 percent for month; public is down 0.9 percent.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2014 was estimated at a seasonally adjusted annual rate of $961.0 billion, 0.8 percent (±1.8%)* below the revised July estimate of $968.8 billion.
However, the August figure is 5.0 percent (±2.3%) above the August 2013 estimate of $915.3 billion.
During the first 8 months of this year, construction spending amounted to $623.1 billion, 6.8 percent (±1.5%) above the $583.2 billion for the same period in 2013.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $685.0 billion, 0.8 percent (±1.0%)* below the revised July estimate of $690.3 billion.
Residential construction was at a seasonally adjusted annual rate of $351.7 billion in August, 0.1 percent (±1.3%)* below the revised July estimate of $352.1 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $333.3 billion in August, 1.4 percent (±1.0%) below the revised July estimate of $338.1 billion.
PUBLIC CONSTRUCTION
In August, the estimated seasonally adjusted annual rate of public construction spending was $275.9 billion, 0.9 percent (±2.8%)* below the revised July estimate of $278.5 billion.
Educational construction was at a seasonally adjusted annual rate of $62.3 billion, 2.9 percent (±4.4%)* below the revised July estimate of $64.1 billion.
Highway construction was at a seasonally adjusted annual rate of $83.3 billion, 0.6 percent (±6.3%)* below the revised July estimate of $83.8 billion.
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