The US Census Bureau today announced that construction spending during August 2017 was estimated at a seasonally adjusted annual rate of $1,218.3 billion, 0.5 percent (±1.3 percent) above the revised July estimate of $1,212.3 billion. The August figure is 2.5 percent (±1.8 percent) above the August 2016 estimate of $1,189.1 billion. During the first 8 months of this year, construction spending amounted to $806.2 billion, 4.7 percent (±1.3 percent) above the $769.9 billion for the same period in 2016.
Spending on private construction was at a seasonally adjusted annual rate of $954.8 billion, 0.4 percent (±1.2 percent) above the revised July estimate of $950.5 billion. Residential construction was at a seasonally adjusted annual rate of $520.9 billion in August, 0.4 percent (±1.3 percent) above the revised July estimate of $518.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.9 billion in August, 0.5 percent (± 1.2 percent) above the revised July estimate of $432.0 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $263.5 billion, 0.7 percent (±2.3 percent) above the revised July estimate of $261.7 billion. Educational construction was at a seasonally adjusted annual rate of $67.3 billion, 3.5 percent (±3.9 percent) above the revised July estimate of $65.0 billion. Highway construction was at a seasonally adjusted annual rate of $81.9 billion, 1.3 percent (±5.1 percent) below the revised July estimate of $83.0 billion.