Construction Spending Up 0.7 Percent in August

Construction Spending grew 0.7 percent in August to $1,086.2 billion (SAAR). July spending was revised down to $1,079.1 billion (0.4 percent growth). Construction spending during the first 8 months of 2015 amounted to $683.4 billion, 9.8 percent higher than in the first 8 months of 2014.

Total private construction spending rose to $788.0 billion (SAAR), 0.7 percent above the revised July estimate of $782.3 billion.

Private residential construction spending rose to a seasonally adjusted annual rate of $383.3 billion (SAAR), up 1.3 percent from July’s estimate as construction of both single and multi-family units increased.

Private non-residential construction spending reached a rate of $404.7 billion (SAAR), up 0.2 percent from the previous month, as construction related to lodging, manufacturing and power increased.

Public construction spending grew 0.5 percent to $298.2 billion (SAAR), after declining in July. Power-related construction posted the strongest gains for the month, increasing 10.0 percent from July.

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Tim Nicholson

Tim Nicholson is an economic research associate at ABA.