Annual U.S. Construction Spend Rate at $799 Billion in August

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The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2011 was estimated at a seasonally adjusted annual rate of $799.1 billion, 1.4 percent (±2.1%) above the revised July estimate of $788.3 billion. The August figure is 0.9 percent (±1.9%) above the August 2010 estimate of $791.7 billion.

During the first 8 months of this year, construction spending amounted to $511.4 billion, 3.0 percent (±1.3%) below the $527.3 billion for the same period in 2010.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $511.0 billion, 0.4 percent (±1.3%) above the revised July estimate of $508.9 billion. Residential construction was at a seasonally adjusted annual rate of $237.8 billion in August, 0.7 percent (±1.3%) above the revised July estimate of $236.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $273.1 billion in August, 0.2 percent (±1.3%) above the revised July estimate of $272.6 billion.

Public Construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $288.2 billion, 3.1 percent (±3.0%) above the revised July estimate of $279.4 billion. Educational construction was at a seasonally adjusted annual rate of $72.7 billion, 4.3 percent (±4.8%) above the revised July estimate of $69.8 billion. Highway construction was at a seasonally adjusted annual rate of $80.2 billion, 3.5 percent (±8.6%) above the revised July estimate of $77.4 billion.

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