US Construction Spending: August 2017

US Construction Spending: August 2017

Overall construction spending in the US during August 2017 was estimated at a seasonally adjusted annual rate of $1,218.3 billion, 0.5 per cent above the revised July estimate of US$1,212.3 billion, according to the Census Bureau Monday.

NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of US$520.9 billion in August, 0.5 per cent up from downwardly revised July estimates.

US Construction Spending: August 2017

The monthly gains in US residential construction spending are largely attributed to the steady growth of spending on single-family, multifamily construction and home improvement, said the US Census Bureau Monday. Single-family construction spending inched up 0.3 per cent, while multifamily spending rebounded by 0.9 er cent in August. Spending on improvements rose to US$194.8 billion, up by 0.5 per cent over last month.

On a year-over-year basis, private residential construction spending is up 12 per cent. Non-residential spending is down 2 per cent year-over-year. Public spending is down 5 per cent year-over-year.

In August, the estimated seasonally adjusted annual rate of public construction spending was US$263.5 billion, 0.7 per cent above the revised July estimate of US$261.7 billion.

US Nonresidential Construction Spending

Private nonresidential construction spending in the US increased 0.5 per cent to a rate of US$434 billion, according to NAHB analysis also Monday. However, it was 2.5 per cent lower than a year ago. The largest contribution to this month- over-month nonresidential spending increase was made by the class of transportation (4.4 per cent), followed by educational (3.4 per cent), and lodging (3.2 per cent).

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