Total Construction
Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1 percent (±1.2 percent)* below the revised July estimate of $2,133.9 billion. The August figure is 4.1 percent (±1.6 percent) above the August 2023 estimate of $2,047.4 billion. During the first eight months of this year, construction spending amounted to $1,428.5 billion, 7.6 percent (±1.2 percent) above the $1,327.0 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,642.2 billion, 0.2 percent (±0.7 percent)* below the revised July estimate of $1,645.8 billion. Residential construction was at a seasonally adjusted annual rate of $899.9 billion in August, 0.3 percent (±1.3 percent)* below the revised July estimate of $903.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $742.2 billion in August, 0.1 percent (±0.7 percent)* below the revised July estimate of $742.8 billion.
Public Construction
In August, the estimated seasonally adjusted annual rate of public construction spending was $489.8 billion, 0.3 percent (±2.0 percent)* above the revised July estimate of $488.2 billion. Educational construction was at a seasonally adjusted annual rate of $102.4 billion, virtually unchanged from (±2.6 percent)* the revised July estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $141.4 billion, 1.1 percent (±5.4 percent)* above the revised July estimate of $140.0 billion.
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