Construction Spending in August Advances

Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, 0.5 percent above the revised July estimate of $1,973.7 billion. The August figure is 7.4 percent above the August 2022 estimate of $1,847.3 billion. During the first eight months of this year, construction spending amounted to $1,284.7 billion, 4.2 percent above 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 percent 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 percent 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 percent above the revised July estimate of $669.9 billion.

Public Construction

In August with the federal fiscal year only a month away, the estimated seasonally adjusted annual rate of public construction spending was $431.6 billion, 0.6 percent above the revised July estimate of $429.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.6 billion, 0.2 percent above the revised July estimate of $90.4 billion. Highway construction was at a seasonally adjusted annual rate of $130.4 billion, 0.4 percent above the revised July estimate of $130.0 billion.