U.S. Construction Spending in August is Highest in 4.5 Years
Private construction grows 0.7 percent for month; commercial edges up 0.4 percent.
U.S. construction spending in August, at a seasonally adjusted annual rate of $915.1 billion, hit a near 4-1/2 year high according to the Commerce Department. Strong private and public activity drove spending to its highest level since April 2009.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2013, estimated at a seasonally adjusted annual rate of $915.1 billion, was 0.6 percent (±2.1%)* above the revised July estimate of $909.4 billion.
The August figure is 7.1 percent (±2.3%) above the August 2012 estimate of $854.0 billion.
During the first 8 months of this year, construction spending amounted to $581.9 billion, 5.9 percent (±1.5%) above the $549.4 billion for the same period in 2012.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $640.5 billion, 0.7 percent (±1.2%)* above the revised July estimate of $636.1 billion.
Residential construction was at a seasonally adjusted annual rate of $340.2 billion in August, 1.2 percent (±1.3%)* above the revised July estimate of $336.2 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $300.3 billion in August, 0.1 percent (±1.2%)* above the revised July estimate of $299.9 billion.
PUBLIC CONSTRUCTION
In August, the estimated seasonally adjusted annual rate of public construction spending was $274.5 billion, 0.4 percent (±3.3%)* above the revised July estimate of $273.4 billion.
Educational construction was at a seasonally adjusted annual rate of $63.8 billion, 1.3 percent (±5.9%)* below the revised July estimate of $64.6 billion.
Highway construction was at a seasonally adjusted annual rate of $80.6 billion, 0.1 percent (±7.4%)* above the revised July estimate of $80.5 billion.
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