Industry News

Construction spending tops $1.2 trillion pace

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The rate of construction spending in August was estimated at $1.2 trillion, which is 4.4 percent above the August 2005 estimate and 0.3 percent above the July estimate, the U.S. Census Bureau announced today. Spending on private residential construction was at a seasonally adjusted annual rate of $617 billion in August, which was 1.5 percent below the July estimate and 5.2 percent below the August 2005 rate. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal variations in construction activity. During the first eight months of this year, construction spending amounted to $793.2 billion, which is 7.2 percent higher than spending in the same period last year. Spending on all private construction was at a seasonally adjusted annual rate of about $929.1 billion, which is 0.1 percent above the revised July estimate of $927.9 billion. Nonresidential construction spending was at a seasonally adjusted annual rate of about $312...