U.S. construction spending through August outpaces 2019 by 4.2 percent
Residential spending increases 3.7 month over month; highway spend grows 4.6 percent.
The U.S. Census Bureau announced the following value put in place construction statistics for August 2020:
Total Construction
Construction spending during August 2020 was estimated at a seasonally adjusted annual rate of $1,412.8 billion, 1.4 percent (±1.0 percent) above the revised July estimate of $1,392.7 billion.
The August figure is 2.5 percent (±1.5 percent) above the August 2019 estimate of $1,379.0 billion.
During the first eight months of this year, construction spending amounted to $927.7 billion, 4.2 percent (±1.2 percent) above the $889.9 billion for the same period in 2019.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,061.4 billion, 1.9 percent (±0.7 percent) above the revised July estimate of $1,041.7 billion.
Residential construction was at a seasonally adjusted annual rate of $589.4 billion in August, 3.7 percent (±1.3 percent) above the revised July estimate of $568.3 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $472.0 billion in August, 0.3 percent (±0.7 percent)* below the revised July estimate of $473.4 billion.
Public Construction
In August, the estimated seasonally adjusted annual rate of public construction spending was $351.4 billion, 0.1 percent (±1.8 percent)* above the revised July estimate of $350.9 billion.
Educational construction was at a seasonally adjusted annual rate of $82.6 billion, 0.6 percent (±1.8 percent)* above the revised July estimate of $82.2 billion.
Highway construction was at a seasonally adjusted annual rate of $100.6 billion, 1.9 percent (±4.6 percent)* above the revised July estimate of $98.7 billion.
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