Construction Spending Fell for Second Consecutive Month

Construction spending for August was estimated at a seasonally adjusted annual level (SAAL) of $1,142.2 billion according to the U.S. Census Bureau, down 0.7% from a revised July estimate of $1,150.6 billion. During the first eight months of the year, construction spending amounted to $755.0 billion, up 4.9% from the first eight months of 2015.

Total private construction fell to $871.6 billion SAAL, down 0.3% from the revised July estimate of $874.6 billion.

Private residential construction was $449.2 billion SAAL, 0.3% below July’s rate.

Private nonresidential construction fell 0.4% to $422.4 billion SAAL, due largely to declines in power and manufacturing-related projects.

Public construction fell 2.0% to $270.5 billion SAAL, largely due to a decline in highway and street construction.

Read the Census release.