Construction Spending Holds Steady in August

This Aug. 11, 2008 photo is of concrete being poured on the southbound lanes at Span 4 of the new I-35W bridge in Minnesota. Highway construction spending for August was up 3.9 percent, while overall spending was unchanged from July 2008.

August Construction spending remained about even with July figures, according to the Commerce Department.

August spending was at a seasonally adjusted annual rate of $1.072 trillion, nearly the same as the revised July estimate and 5.9 percent below the August 2007 estimate of $1.138 trillion. During the first eight months of this year, construction spending amounted to $713.5 billion, 5.9 percent below the $758.1 billion for the same period in 2007.

Spending on private construction was at a seasonally adjusted annual rate of $759.6 billion in August, 0.3 percent below the revised July estimate of $761.8 billion. Residential construction was at a seasonally adjusted annual rate of $343.6 billion in August, 0.3 percent above the revised July estimate of $342.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $416 billion in August, 0.8 percent below the revised July estimate of $419.3 billion.

In August, the estimated seasonally adjusted annual ate of public construction spending was $312.5 billion, 0.8 percent above the revised July estimate of $310 billion. Educational construction was at a seasonally adjusted annual rate of $87.3 billion, 0.3 percent above the revised July estimate of $87 billion. Highway construction was at a seasonally adjusted annual rate of $80.6 billion, 3.9 percent above the revised July estimate of $77.6 billion.

Source: Commerce Department