U.S. construction dips in August

The U.S. Census Bureau of the Department of Commerce has announced that construction spending during August 2016 was estimated at a seasonally adjusted annual rate of $1,142.2 billion, 0.7 percent (±1.5%)* below the revised July estimate of $1,150.6 billion. The August figure is 0.3 percent (±1.8%)* below the August 2015 estimate of $1,145.2 billion.

During the first 8 months of this year, construction spending amounted to $755.0 billion, 4.9 percent (±1.2%) above the $720.0 billion for the same period in 2015. 

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $871.6 billion, 0.3 percent (±1.2%)* 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 (±1.3%)* 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 (±1.2%)* below the revised July estimate of $424.2 billion.

PUBLIC CONSTRUCTION

In August, the estimated seasonally adjusted annual rate of public construction spending was $270.5 billion, 2.0 percent (±2.5%)* below the revised July estimate of $276.0 billion.

Educational construction was at a seasonally adjusted annual rate of $66.9 billion, 0.4 percent (±3.9%)* 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 (±5.9%)* below the revised July estimate of $87.2 billion. 

Since August 2015, spending on public construction has dropped 8.8 percent.