Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, 0.5% above the revised July estimate, according to the U.S. Census Bureau. The August figure is 7.4% above the August 2022 estimate.
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During the first eight months of this year, construction spending was $1,284.7 billion, 4.2% above the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,551.8 billion, 0.5% above July. Residential construction was at a seasonally adjusted annual rate of $879.9 billion in August, 0.6 % above July. Nonresidential construction was at a seasonally adjusted annual rate of $671.9 billion in August, up 0.3%.
Public Construction
In August, the estimated seasonally adjusted annual rate of public construction spending was $431.6 billion, 0.6% above the revised July estimate. Educational construction was at a seasonally adjusted annual rate of $90.6 billion, 0.2% above July. Highway construction was at a seasonally adjusted annual rate of $130.4 billion, 0.4% above July.
