Construction Spending Rose In August
October 3, 2011 by UPI - United Press International, Inc.
WASHINGTON, Oct. 3 (UPI) — Construction spending for August was 1.4 percent above July’s revised estimate of $788.3 billion, the U.S. Census Bureau reported Monday.
Spending on private and public projects for the latest month reached $799.1 billion, the monthly construction spending report said.
Spending for August also came in ahead of August 2010, when spending came to $791.7 billion.
Spending on private construction was at a seasonally adjusted annual rate of $511 billion, 0.4 percent above the revised July estimate of $508.9 billion, the Census Bureau said.
The report said residential construction was at a seasonally adjusted annual rate of $237.8 billion in August, 0.7 percent above the revised July estimate of $236.2 billion. Non-residential construction was at a seasonally adjusted annual rate of $273.1 billion in August, 0.2 percent above the revised July estimate of $272.6 billion.
The estimated seasonally adjusted annual rate of public construction spending in August was $288.2 billion, 3.1 percent higher than the revised July estimate of $279.4 billion, the Census Bureau said.
Educational construction was at a seasonally adjusted annual rate of $72.7 billion, 4.3 percent above the revised July estimate of $69.8 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $80.2 billion, 3.5 percent above the revised July estimate of $77.4 billion.
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