August construction spending up 7% YOY
Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, 0.5% (±1.2%)* above the revised July estimate of $1,973.7 billion. The August figure is 7.4% (±1.8 percent) above the August 2022 estimate of $1,847.3 billion. During the first eight months of this year, construction spending amounted to $1,284.7 billion, 4.2% (±1.2 percent) above the $1,233.4 billion for the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,551.8 billion, 0.5% (±0.7%)* above the revised July estimate of $1,544.6 billion. Residential construction was at a seasonally adjusted annual rate of $879.9 billion in August, 0.6% (±1.3 percent)* above the revised July estimate of $874.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $671.9 billion in August, 0.3 percent (±0.7%)* above the revised July estimate of $669.9 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $431.6 billion, 0.6% (±2.1%)* above the revised July estimate of $429.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.6 billion, 0.2 percent (±3.5 percent)* above the revised July estimate of $90.4 billion. Highway construction was at a seasonally adjusted annual rate of $130.4 billion, 0.4% (±5.1%)* above the revised July estimate of $130.0 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
