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Construction Spending Up in August10-01-07 | News

Construction Spending Up in August

WASHINGTON D.C. ?EUR??,,????'??+ Construction spending during August 2007 was estimated at a seasonally adjusted annual rate of $1.166 trillion, according to a Commerce Department report. The August figure is 0.2 percent above the revised July estimate of $1.164 trillion and 1.7 percent below the August 2006 numbers.

During the first eight months of this year, construction spending amounted to $768 billion, 3.3 percent below the $794 billion for the same period in 2006.

Spending on private construction was at a seasonally adjusted annual rate of $875.5 billion, nearly the same as the revised July estimate of $875.4 billion. Residential construction was at a seasonally adjusted annual rate of $522.1 billion in August, 1.5 percent below the revised July estimate of $529.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $353.4 billion in August, 2.3 percent above the revised July estimate of $345.5 billion.

In August, the estimated seasonally adjusted annual rate of public construction spending was $291.2 billion, 0.7 percent above the revised July estimate of $289.1 billion. Educational construction was at a seasonally adjusted annual rate of $83.9 billion, 1.3 percent above the revised July estimate of $82.8 billion. Highway construction was at a seasonally adjusted annual rate of $75.3 billion, 0.8 percent above the revised July estimate of 74.7 billion.