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Construction Spending Dips in August


The U.S. Census Bureau of the Department of Commerce announced that construction spending during August was estimated at a seasonally adjusted annual rate of $837.1 billion, 0.6 percent below the revised July estimate of $842.0 billion. The August figure is 6.5 percent above the August 2011 estimate of $786.3 billion.

Highway construction was at a seasonally adjusted annual rate of $80.8 billion, 0.6 percent below the revised July estimate of $81.3 billion.

The estimated seasonally adjusted annual rate of public construction spending was $274.9 billion, 0.8 percent below the revised July estimate of $277.2 billion. Educational construction was at a seasonally adjusted annual rate of $67.0 billion, 3.4 percent below the revised July estimate of $69.4 billion.

Spending on private construction was at a seasonally adjusted annual rate of $562.2 billion, 0.5 percent below the revised July estimate of $564.8 billion. Residential construction was at a seasonally adjusted annual rate of $273.5 billion in August, 0.9 percent above the revised July estimate of $271.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $288.7 billion in August, 1.7 percent below the revised July estimate of $293.7 billion.