One percent dip in August construction spending
Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1% (±1.2%)* below the revised July estimate of $2,133.9 billion.
The August figure is 4.1% (±1.6%) 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% (±1.2%) above the $1,327.0 billion for the same period in 2023.
Spending on private construction was at a seasonally adjusted annual rate of $1,642.2 billion, 0.2% (±0.7%) 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% (±1.3% )* 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% (±0.7%)* below the revised July estimate of $742.8 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $489.8 billion, 0.3% (±2.0%) 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%)* the revised July estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $141.4 billion, 1.1% (±5.4%) above the revised July estimate of $140.0 billion.
INDUSTRIAL SUPPLY MAGAZINE
The September/October issue of Industrial Supply magazine features an in-depth cover story about Kurz Industrial Solutions. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Hockett, as well as interviews with numerous product and distribution industry experts.
