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During the first eight months of this year, construction spending amounted to $629.5 billion, 11.9% below the $714.3 billion for the same period in 2008.
Spending on private construction was at a seasonally adjusted annual rate of $622.1 billion, 1.8% above the revised July estimate of $611.1 billion. Residential construction was at a seasonally adjusted annual rate of $249.5 billion in August, 4.7% above the revised July estimate of $238.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $372.6 billion in August, 0.1% below the revised July estimate of $372.8 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $319.8 billion, 1.1% below the revised July estimate of $323.5 billion. Educational construction was at a seasonally adjusted annual rate of $89.2 billion, nearly the same as the revised July estimate of $89.3 billion. Highway construction was at a seasonally adjusted annual rate of $85.2 billion, 0.8% above the revised July estimate of $84.5 billion.
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