August construction spending was estimated at a seasonally adjusted annual rate of $1,142.2 billion, down 0.7 percent compared to the revised July estimate of $1,150.6 billion, according to the U.S. Census Bureau of the Department of Commerce. The August figure is 0.3 percent below the August 2015 estimate of $1,145.2 billion.
During the first eight months of this year, construction spending amounted to $755 billion, 4.9 percent above the $720 billion for the same period in 2015.
Spending on private construct ion was at a seasonally adjusted annual rate of $871.6 billion, 0.3 percent below the revised July estimate of $874.6 billion. Residential construction was at a seasonally adjusted annual rate of $449.2 billion in August, 0.3 percent below the revised July estimate of $450.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $422.4 billion in August, 0.4 percent below the revised July estimate of $424.2 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $270.5 billion, 2 percent below the revised July estimate of $276 billion. Educational construction was at a seasonally adjusted annual rate of $66.9 billion, 0.4 percent below the revised July estimate of $67.2 billion. Highway construction was at a seasonally adjusted annual rate of $84.6 billion, 2.9 percent below the revised July estimate of $87.2 billion.
