U.S. construction spending fell for a fourth month in August, according to figures shared Oct. 1 by the U.S. Census Bureau.
Spending in October was estimated at a seasonally adjusted annual rate of $2.131 trillion, 0.1% below the revised July estimate. Economists at The Wall Street Journal had forecast a spending increase in August of 0.1% month-to-month. July’s figure was revised down from its previous decrease of 0.3% to a 0.5% decline.
The August figure was up 4.1% year-over-year.
Source: tradingeconomics.com
Year-to-date, spending through the first eight months of 2024 was 7.6% above the same period in 2023.
Private Construction
August spending on private construction was at a seasonally-adjusted annual rate of $1.642 trillion, 0.2% below the revised July estimate. Residential construction was at a rate of $899.9 billion, 0.3% below the revised July estimate, while nonresidential construction’s rate of $742.2 billion was down 0.1%.
Public Construction
August spending on public construction was a seasonally-adjusted annual rate of $489.8 billion, 0.3% above the revised July estimate. Education construction was at a rate of $102.4 billion, unchanged from the revised July estimate, while highway construction’s rate of $141.4 billion was up 1.1%.
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