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).