Updated: 01-Oct-21 10:52 ET
| August Construction Spending |
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| Updated: 01-Oct-21 10:52 ET |
Highlights
- Total construction spending was flat m/m in August (Briefing.com consensus +0.4%) following an unrevised 0.3% increase in July.
- Total private construction declined 0.1% m/m while total public construction spending increased 0.5%.
- On a year-over-year basis, total construction spending was up 8.9%.
Key Factors
- Total residential spending increased 0.4% m/m (and up 23.9% yr/yr) while total nonresidential spending decreased 0.4% (and was down 3.0% yr/yr).
- The dip in private construction spending was driven by a 0.7% decline in residential spending and a 0.8% drop in new multifamily construction.
- Private nonresidential spending fell 1.0% m/m, and was weighed down by a 1.4% decline in power spending and a 1.7% decline in manufacturing spending.
- The increase in public construction spending was paced by a 0.5% gain in nonresidential spending (-4.0% yr/yr). The increase was led by a 1.6% increase in highway and street spending.
Big Picture
- The key takeaway from the report is the decline seen in new single family and multifamily construction. That is most likely the consequence of ongoing supply chain pressures.
| Category | AUG | JUL | JUN | MAY | APR |
| Nominal (Current) Dollars | |||||
| Total Construction | 0.0% | 0.3% | 1.0% | 0.7% | 0.3% |
| Private | -0.1% | 0.2% | 1.4% | 1.1% | 0.5% |
| Residential | 0.4% | 0.4% | 2.3% | 13% | 1.0% |
| Nonresidential | -1.0% | 0.1% | 0.0% | 0.7% | -0.4% |
| Public | 0.5% | 0.5% | -0.7% | -0.8% | -0.3% |
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