According to the U.S. Census Bureau of the Department of Commerce, total construction spending for August 2014 was estimated at a seasonally adjusted annual rate of $961.0 billion. This rate is down 0.8 percent from the revised July estimate of $968.8 billion, but is 5.0 percent above the August 2013 estimate of $915.3 billion. Construction spending has totaled to the amount of $623.1 billion for the first eight months of 2014, an increase of 6.8 percent compared to the $583.2 billion for the same period in 2013.
Private construction spending in August was estimated at a seasonally adjusted annual rate of $685.0 billion, a decrease of 0.8 percent from July’s revised estimate of $690.3 billion. Residential construction spending for August was at a seasonally adjusted annual rate of $351.7 billion, down 0.1 percent from the previous month’s revised estimate of $352.1 billion. Nonresidential construction spending for August was estimated at $333.3 billion, down 1.4 percent from July’s revised estimate of $338.1 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $275.9 billion, down 0.9 percent from July’s revised estimate of $278.5 billion. Educational construction spending for August was at an adjusted rate of $62.3 billion, a decrease of 2.9 percent from the revised July estimate of $64.1 billion. Highway construction spending was estimated at an adjusted rate of $83.3 billion for August, decreasing by 0.6 percent from July’s revised estimate of $83.8 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
