Construction Spending Gains Less than Expected for August

Construction spending for August 2018 was estimated at a seasonally adjusted annual rate of $1,318.5 billion, 0.1% (±1.6%)* higher than the revised July estimate of $1,317.4 billion. The August figure is 6.5% (±2.0%) above the August 2017 estimate of $1,237.5 billion.

During the first eight months of this year, construction spending amounted to $862.0 billion, 5.3% (±1.3%) above the $818.7 billion for the same period in 2017.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,001.7 billion, 0.5% (±1.0%)* below the revised July estimate of $1,006.9 billion.

Residential construction was at a seasonally adjusted annual rate of $548.9 billion in August, 0.7% (±1.3%)* below the revised July estimate of $553.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $452.9 billion in August, 0.2% (±1.0%)* below the revised July estimate of $453.9 billion.

Public Construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $316.7 billion, 2.0% (±2.8%)* above the revised July estimate of $310.5 billion. Educational construction was at a seasonally adjusted annual rate of $72.3 billion, 1.0% (±4.4%)* above the revised July estimate of $71.7 billion.

Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 1.7% (±6.9%)* above the revised July estimate of $97.3 billion.