U.S. Commerce Department Data Shows Dip in August Value of New Construction

U.S. Commerce Department Data Shows Dip in August Value of New Construction

The Department of Commerce says construction spending during Aug. 2014 was estimated at a seasonally adjusted annual rate of $961 billion, 0.8% below the revised July estimate of $968.8 billion. The August figure is 5% above the August 2013 estimate of $915.3 billion. During the first eight months of this year, construction spending amounted to $623.1 billion, 6.8% above the $583.2 billion for the same period in 2013. Communication construction showed the biggest percent increase in August with a 3.6% boost to $15.8 billion, while Power construction declined the most, with a 3.9% decrease to $89.6 billion.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $685 billion, 0.8% below the revised July estimate of $690.3 billion. Residential construction was at a seasonally adjusted annual rate of $351.7 billion in August, 0.1% below the revised July estimate of $352.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $333.3 billion in August, 1.4% below the revised July estimate of $338.1 billion.

Public construction. In August, the estimated seasonally adjusted annual rate of public construction spending was $275.9 billion, 0.9% below the revised July estimate of $278.5 billion. Educational construction was at a seasonally adjusted annual rate of $62.3 billion, 2.9% below the revised July estimate of $64.1 billion.

Public office construction enjoyed a 10.7% increase in August to $8.7 billion and Commercial construction was up 8.3% to $1.8 billion. Highway construction was at a seasonally adjusted annual rate of $83.3 billion, 0.6% below the revised July estimate of $83.8 billion.

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