Wednesday, October 1, 2014

Construction Spending Declined in August

Construction spending took a hit in August, declining 0.8%. Moreover, August’s report revised down growth for June and July. Construction spending is still 5% higher than year ago levels.

All three construction spending components – private residential, private non-residential and public construction – declined.

Non-residential construction saw the steepest decline, dropping 1.4% over August. Spending on power and utility structures drove the non-residential construction spending decline, shrinking 3.9% from July. However, its still up 17.2% from August 2013. Private residential construction decreased 0.1%, but single family homes still increased 0.7%.

Public construction shrank 0.9%, and is up 1.9% from year ago levels.

Read the Census release.

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