Posted October 3, 2011
Construction spending grows
The Department of Commerce said construction spending climbed 1.4 percent during the month of August compared to July.
The seasonally adjusted annual rate of $799.1 billion is 0.9 percent above August 2010. During the first eight months of this year, construction spending amounted to $511.4 billion, 3.0 percent below the $527.3 billion for the same period in 2010.
Spending on private construction was at a seasonally adjusted annual rate of $511.0 billion, 0.4 percent above the revised July estimate of $508.9 billion.
In August, public construction spending was $288.2 billion, 3.1 percent above the revised July estimate of $279.4 billion.
Highway construction was at a seasonally adjusted annual rate of $80.2 billion, 3.5 percent above the revised July estimate of $77.4 billion.
