Industry News

Real estate construction spending tops $1 trillion

Figures up slightly from July

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Construction spending in August, when projected over a 12-month period, topped the trillion mark, the U.S. Census Bureau reported today. This seasonally adjusted annual rate of construction put in place spending was estimated at $1.02 trillion in August, which is 0.8 percent (plus or minus 1.9 percent) above the revised July estimate of $1.01 trillion and 10.1 percent (plus or minus 2.4 percent) higher than the August 2003 estimate of $922 billion. In the first eight months of this year, total construction spending in the U.S. amounted to $646.8 billion, which is 9.4 percent (plus or minus 1.6 percent) above the $591.2 billion reported for the same period in 2003. The seasonally adjusted annual rate of private residential construction was $550.6 billion in August, which is 1.7 percent (plus or minus 1.9 percent) above the revised July estimate of $541.5 billion. In August 2003 total spending on private residential construction was at a seasonally adjusted annual rate of $480.9 bill...