Updated: 01-Oct-20 10:35 ET
| August Construction Spending |
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| Updated: 01-Oct-20 10:35 ET |
Highlights
- Total construction spending increased 1.4% m/m in August (Briefing.com consensus +0.8%) on the heels of an upwardly revised 0.7% increase (from +0.1%) in July.
- Total private construction spending rose 1.9% and total public construction spending increased 0.1%.
Key Factors
- Total residential spending was up 3.7% m/m while total nonresidential spending slipped 0.1% m/m.
- The increase in private construction spending was driven by a 3.7% increase in residential spending, which was paced by a 5.5% increase in new single-family construction. Nonresidential spending declined 0.3% m/m, led by a 1.1% decline in power spending and a 1.1% decline in commercial spending.
- The small increase in public construction spending was driven by a 0.2% increase in nonresidential spending, which as led by a 1.9% increase in highway and street spending.
Big Picture
- The key takeaway from the report is that total construction spending, despite the economic challenges posed by the coronavirus, was up 2.5% year-over-year.
| Category | AUG | JUL | JUN | MAY | APR |
| Nominal (Current) Dollars | |||||
| Total Construction | 1.4% | 0.7% | 1.0% | -1.3% | -3.4% |
| Private | 1.9% | 1.3% | 1.7% | -2.5% | -3.7% |
| Residential | 3.7% | 2.6% | 2.6% | -4.1% | -4.4% |
| Nonresidential | -0.3% | -0.2% | 0.7% | -0.7% | -2.9% |
| Public | 0.1% | -1.2% | -0.9% | 2.1% | -2.5% |
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