Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending beat expectations in August but was carried entirely by sizeable growth in public construction. Construction outlays edged up a modest 0.4 percent from July’s ten-year low, to an annualized pace of $811.8 billion. However, spending is still 8.8 percent below its year-ago level. Private construction outlays saw the smallest of four consecutive declines in August, dipping 0.9 percent to the lowest annual spending pace since January 1998. Private residential spending slipped 0.3 percent, and private nonresidential fell 1.4 percent, down in every spending category except education. While year-over-year growth in private nonresidential spending remains deeply depressed at &minis;24.2 percent, private residential spending had actually enjoyed five steady months of positive year-over-year growth up until August, when it again dipped south of the equator to −1.7 percent. Total public construction, on the other hand, grew a strong 2.5 percent over the month and was up in every area except for power and education.