Spending for new construction during August 2017 was estimated at a seasonally adjusted annual rate of $1,218.3 billion, 0.5% above the revised July estimate of $1,212.3 billion. The August figure is 2.5% above the August 2016 estimate of $1,189.1 billion. During the first eight months of this year, construction spending amounted to $806.2 billion, 4.7% above the $769.9 billion for the same period in 2016.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $954.8 billion, 0.4% above the revised July estimate of $950.5 billion. Residential construction was at a seasonally adjusted annual rate of $520.9 billion in August, 0.4% above the revised July estimate of $518.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.9 billion in August, 0.5% above the revised July estimate of $432.0 billion.
The commercial category and the $82.6 billion in construction it had for August stood out with a +10.4% year-over-year increase. On the flip side, the manufacturing segment had $60.8 billion in new construction but continued to slump with a -4.3% decrease from July and a -20.8% decline from Aug. 2016.
Public construction. In August, the estimated seasonally adjusted annual rate of public construction spending was $263.5 billion, 0.7% above the revised July estimate of $261.7 billion. Educational construction was at a seasonally adjusted annual rate of $67.3 billion, 3.5% above the revised July estimate of $65 billion.
