Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1 percent below the substantially downward revised July estimate of $2,133.9 billion (down over $28 billion). The contraction came almost exclusively in the heavily reduced residential private sector segment – offsetting any positive news in the public sector markets that were busy during the final month of summer. However, the year-over-year August figure is a respectable 4.1 percent above the August 2023 estimate of $2,047.4 billion. During the first eight months of this year, construction spending amounted to $1,428.5 billion, a robust 7.6 percent above the $1,327.0 billion for the same period in 2023.   READ MORE