Construction spending during August was estimated at a seasonally adjusted annual rate of $837.1 billion, 0.6% below the revised July estimate of $842 billion, according to new data from the U.S. Census Bureau. The August figure is 6.5% above the August 2011 estimate of $786.3 billion.
During the first eight months of this year, construction spending amounted to $545.2 billion, 9% above the $500.1 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $562.2 billion, 0.5% below the revised July estimate of $564.8 billion. Residential construction was at a seasonally adjusted annual rate of $273.5 billion in August, 0.9% above the revised July estimate of $271.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $288.7 billion in August, 1.7% below the revised July estimate of $293.7 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $274.9 billion, 0.8% below the revised July estimate of $277.2 billion. Educational construction was at a seasonally adjusted annual rate of $67 billion, 3.4% below the revised July estimate of $69.4 billion.
