August construction spending was estimated at a seasonally adjusted annual rate of $1,218.3 billion, up 0.5 percent from the revised July estimate, according to the U.S. Census Bureau of the Department of Commerce. The August figure is 2.5 percent above the August 2016 estimate.
During the first eight months of this year, construction spending amounted to $806.2 billion, 4.7 percent above the $769.9 billion for the same period in 2016.
Spending on private construction was at a seasonally adjusted annual rate of $954.8 billion, 0.4 percent above the revised July estimate of $950.5 billion. Residential construction was at a seasonally adjusted annual rate of $520.9 billion in August, 0.4 percent above the revised July estimate of $518.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.9 billion in August, 0.5 percent above the revised July estimate of $432 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $263.5 billion, 0.7 percent above the revised July estimate of $261.7 billion. Educational construction was at a seasonally adjusted annual rate of $67.3 billion, 3.5 percent above the revised July estimate of $67.3 billion. Highway construction was at a seasonally adjusted annual rate of $81.9 billion, 1.3 percent below the revised July estimate of $83 billion.
