U.S. construction spending in August 2024 was at a seasonally adjusted annual rate of $2,131.9 billion, down 0.1% from July, but up 4.1% from August 2023.
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For the first eight months of the year, construction spending came in at $1,428.5 billion, a 7.6% increase from the prior-year period.
Spending on private construction was $1,642.2 billion, a 0.2% dip below July’s estimate. Residential construction was $899.9 billion, 0.3% below July, while nonresidential construction was $742.2 billion for a decrease of 0.1%.
Public construction spending rose 0.3% to $489.8 billion. Educational construction was virtually unchanged at $102.4 billion. Highway construction was $141.4 billion, a 1.1% increase from July.
