U.S. Construction Spending Holds Steady in August
Residential spending rises 0.4 percent while nonresidential slips 1.0 percent for month.
The U.S. Census Bureau announced the following value put in place construction statistics for August 2021:
Total Construction
Construction spending during August 2021 was estimated at a seasonally adjusted annual rate of $1,584.1 billion, virtually unchanged from (±1.0 percent)* the revised July estimate of $1,584.0 billion. The August figure is 8.9 percent (±1.5 percent) above the August 2020 estimate of $1,455.0 billion.
During the first eight months of this year, construction spending amounted to $1,034.5 billion, 7.0 percent (±1.0 percent) above the $966.7 billion for the same period in 2020.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,242.2 billion, 0.1 percent (±0.5 percent)* below the revised July estimate of $1,243.7 billion.
Residential construction was at a seasonally adjusted annual rate of $786.6 billion in August, 0.4 percent (±1.3 percent)* above the revised July estimate of $783.5 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $455.6 billion in August, 1.0 percent (±0.5 percent) below the revised July estimate of $460.2 billion.
Public Construction
In August, the estimated seasonally adjusted annual rate of public construction spending was $341.9 billion, 0.5 percent (±1.6 percent)* above the revised July estimate of $340.3 billion.
Educational construction was at a seasonally adjusted annual rate of $79.8 billion, 1.1 percent (±2.0 percent)* above the revised July estimate of $78.9 billion.
Highway construction was at a seasonally adjusted annual rate of $98.3 billion, 1.6 percent (±4.4 percent)* above the revised July estimate of $96.8 billion.
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