Little Change in Construction Spending as Summer Ends

Total construction spending in the U.S.rnin August was estimated by the Census Bureau today to be at the seasonallyrnadjusted annual rate of $961.0 billion, down 0.8 percent from spending in Julyrnand 5.0 percent higher than the $915.3 in construction outlays in August 2013.  Total spending in June was revised up fromrnthe original estimate of $963.7 billion to $968.8 billion.</p

Construction spending in August wasrnestimated at $89.3 billion on a non-annualized basis compared to $87.6 billionrnin July.  Year-to-date spending this yearrnis estimated at $623.1 billion compared to $583.2 billion at the same point inrn2013.</p

Spending on private construction was atrna seasonally adjusted annual rate of $685.0 billion, also 0.8 percent below thernrevised July figure (from $701.7 billion) of $690.3 billion and a year-over-yearrnincrease of 6.3 percent.  On arnnon-adjusted basis there was $61.2 billion in private construction put inrnplace, up from $60.4 billion in July and $59.2 billion in August 2013.  Year-to-date expenditures total $446.7rnbillion, a 9.7 percent increase over the $407.2 billion spent by the same timernin 2013.</p

Private spending on residentialrnconstruction slipped 0.1 percent in August from $352.1 billion to $351.7rnbillion on an annualized basis.  ThernAugust number was 3.7 percent higher than the $339.2 billion spent on privaternresidential construction one year earlier.</p

On a non-annualized basis residentialrnconstruction expenditures totaled $33.3 billion during the month compared torn$32.1 billion in July and $59.2 billion a year earlier.</p

Year to date residential constructionrnspending at the end of August stood at $231.6 billion compared to $214.4rnbillion at the same point in 2013, an increase of 8.0 percent.</p

Publicly funded construction in Augustrnwas at a seasonally adjusted annual rate of $275.9 billion, down 0.9 percentrnfrom July and a 1.9 percent increase from August 2013.  Public spending on residential constructionrnwas $5.5 billion, a 3.3 percent increase from July but down nearly 15 percentrnfrom the level of spending a year earlier.

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