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Outlays For Construction Projects Rose In August

WASHINGTON (UPI) — Construction spending rose 0.6 percent in August, the U.S. Census Bureau reported Tuesday.

Total construction spending in August reached a seasonally adjusted annual rate of $915.1 billion and July was revised from $900.8 billion to a seasonally adjusted annual rate of $909.4 billion, the bureau said.

In August, the bureau said, spending was 7.1 percent higher than construction outlays in August 2012 when spending came to $854 billion.

Spending on private-sector projects totaled $640.5 billion on a seasonally adjusted basis, 0.7 percent above the revised July estimate of $636.1 billion.

In August, a seasonally adjusted annual rate of $340.2 billion was spent on residential projects, a 1.2 percent climb from July’s revised rate of $336.2. Private spending on commercial projects came to a seasonally adjusted annual rate of $300.3 billion in August, 0.1 percent above the revised July estimate of $299.9 billion.

The estimated seasonally adjusted annual rate of public construction spending in July was $274.5 billion, 0.4 percent higher than the revised July estimate of $273.4 billion.

Educational construction was at a seasonally adjusted annual rate of $63.8 billion, down 1.3 percent from July’s revised rate of $64.6 billion. Highway construction was at a seasonally adjusted annual rate of $80.6 billion, 0.1 percent above July’s revised estimate of $80.5 billion, the department said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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