Residential Construction Up in August

Residential construction was at a seasonally adjusted annual rate of $383.3 billion in August, 1.3 percent above the revised July estimate of $378.5 billion, according to new data from the U.S. Census Bureau of the Department of Commerce. Nonresidential construction was at a seasonally adjusted annual rate of $404.7 billion in August, 0.2 percent above the revised July estimate of $403.8 billion.

Overall construction spending during August was estimated at a seasonally adjusted annual rate of $1,08 billion, a very slight 0.7 percent increase above the revised July estimate of $1,07 billion but 13.7 percent above the August 2014 estimate of $955 billion. During the first eight months of this year, construction spending amounted to $683.4 billion, 9.8 percent above the $622.4 billion for the same period in 2014.

Spending on private construction was at a seasonally adjusted annual rate of $788.0 billion, 0.7 percent above the revised July estimate of $782.3 billion. Public construction spending in August was an estimated seasonally adjusted annual rate $298.2 billion, 0.5 percent above the revised July estimate of $296.8 billion.