Construction spending in August rose 0.1% to a seasonally adjusted annual rate of $1,318.5 billion, 6.5% above the August 2017 estimate of $1,237.5 billion. During the first eight months of this year, construction spending amounted to $862.0 billion, 5.3% above the $818.7 billion for the same period in 2017.
Spending on private construction was at a seasonally adjusted annual rate of $1,001.7 billion, 0.5% below the revised July estimate of $1,006.9 billion. Residential construction was at a seasonally adjusted annual rate of $548.9 billion in August, 0.7% below the revised July estimate of $553.0 billion but remained 4.1% ahead of a year earlier. Nonresidential construction was at a seasonally adjusted annual rate of $452.9 billion in August, 0.2% below the revised July estimate of $453.9 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $316.7 billion, 2.0% above the revised July estimate of $310.5 billion. Educational construction was at a seasonally adjusted annual rate of $72.3 billion, 1.0% above the revised July estimate of $71.7 billion. Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 1.7% above the revised July estimate of $97.3 billion.
