ADVERTISEMENT
Construction Spending Inches Up in August10-16-03 | News
img
 
Construction spending rose 0.2% in August, as spending totals bumped up from $880.8 billion in July to $882.7 billion. Private spending increased 0.1%, while public construction headed north 0.6%. August saw a 4.5% growth in highway and street spending, while total private and public construction of educational facilities shrank 1.7%. However, the residential sector remained strong with a 1.5% increase in construction spending. Public residential spending shot up 6.1% from July, while the private residential sector, although much larger, spent 1.4% more than in July. Consequently, new housing sales were up 3.4% in August from July, yet actual housing starts were down 3.8% in the same period. Type August TTL % Change % Change Construction in Millions of $ From July From August 2002 Total 882,684 +0.2 +4.0 Private Total 665,429 +0.1 +4.3 Total Public 217,254 +0.6 +3.2 Office 39,043 -0.2 -11.1 Amusement 18,874 -4.5 +0.4 Residential 459,965 +1.5 +7.0 -Private 453,388 +1.4 +7.0 -Public 6,577 +6.1 +7.6
img