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Construction Spending Continues Growth Path, Up +4.2% YTD to $1,983.3 Billion

Oct. 5, 2023
While the Manufacturing construction segment has led the construction industry in 2024 because of the astronomical growth in its Computer/electronic/electrical segment, the private Health care segment is also doing well and as a whole is up +11.6% YOY.

Total construction spending during Aug. 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, +0.5% above the revised July estimate of $1,973.7 billion. The August figure is +7.4% above the Aug. 2022 estimate of $1,847.3 billion. According to the U.S. Census Dept., during the first eight months of this year, construction spending amounted to $1,284.7 billion, +4.2% the $1,233.4 billion for the same period in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,551.8 billion, +0.5% above the revised July estimate of $1,544.6 billion. Residential construction was at a seasonally adjusted annual rate of $879.9 billion in August, +0.6% above the revised July estimate of $874.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of 671.9 billion in August, +0.3% above the revised July estimate of $669.9 billion.

While the Manufacturing construction segment has led the construction industry in 2024 because of the astronomical growth in its Computer/electronic/electrical segment, the private Health care segment is also doing well and as a whole is up +11.6% YOY to $48,453 billion — twice the national rate when measured by its YOY data.

Public construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $431.6 billion, +0.6% above the revised July estimate of $429.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.6 billion, +0.2% the revised July estimate of $90.4 billion.