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Financial News: U.S. Construction Spending Unexpectedly Flat In August

U.S. Construction Spending Unexpectedly Flat In August

10/01/2021 - 11:19:00 (RTTNews)

(RTTNews) - With an increase in spending on public construction offset by a dip in spending on private construction, the Commerce Department released a report on Friday showing U.S. construction spending came in flat in the month of August.

The report said construction spending came in virtually unchanged at an annual rate of $1.584 trillion in August after rising by 0.3 percent to a revised rate of $1.584 trillion in July. Economists had expected construction spending to increase by another 0.3 percent.

Spending on private construction edged down by 0.1 percent to a rate of $1.242 trillion in August from a revised rate of $1.244 trillion in July.

A 0.4 percent increase in residential construction spending to a rate of $786.6 billion was offset by a 1.0 slump in non-residential construction spending to a rate of $455.6 billion.

Meanwhile, the Commerce Department said spending on private construction climbed by 0.5 percent to a rate of $341.9 billion in August from a revised rate of $340.3 billion in July.

Spending on educational construction jumped by 1.1 percent to a rate of $79.8 billion, while spending on highway construction surged by 1.6 percent to a rate of $98.3 billion.

Despite being unchanged for the month, total construction spending in August was up by 8.9 percent compared to the same month a year ago.

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