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.
