U.S. Construction Mixed in August
Private construction edges up while public construction slides for month.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2012 was estimated at a seasonally adjusted annual rate of $837.1 billion, 0.6 percent (±2.1%)* below the revised July estimate of $842.0 billion.
The August figure is 6.5 percent (±2.1%) above the August 2011 estimate of $786.3 billion. During the first 8 months of this year, construction spending amounted to $545.2 billion, 9.0 percent (±1.5%) above the $500.1 billion for the same period in 2011.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $562.2 billion, 0.5 percent (±1.2%)* below the revised July estimate of $564.8 billion.
Residential construction was at a seasonally adjusted annual rate of $273.5 billion in August, 0.9 percent (±1.3%)* above the revised July estimate of $271.1 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $288.7 billion in August, 1.7 percent (±1.2%) below the revised July estimate of $293.7 billion.
PUBLIC CONSTRUCTION
In August, the estimated seasonally adjusted annual rate of public construction spending was $274.9 billion, 0.8 percent (±3.3%)* below the revised July estimate of $277.2 billion.
Educational construction was at a seasonally adjusted annual rate of $67.0 billion, 3.4 percent (±6.3%)* below the revised July estimate of $69.4 billion.
Highway construction was at a seasonally adjusted annual rate of $80.8 billion, 0.6 percent (±6.9%)* below the revised July estimate of $81.3 billion.
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