Annualized U.S. Construction Rate at $811 Billion in August, a 10% Year-over-Year Drop

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According to the latest data from the U.S. Census Bureau and the Department of Commerce, the construction spending during August 2010 was estimated at a seasonally adjusted annual rate of $811.8 billion, 0.4 percent (±1.8%) above the revised July 2010 estimate of $808.6 billion. The August figure is 10.0 percent (±1.9%) below the August 2009 estimate of $901.8 billion.

During the first 8 months of this year, construction spending amounted to $539.4 billion, 11.2 percent (±1.1%) below the $607.5 billion for the same period in 2009.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $498.2 billion, 0.9 percent (±1.1%) below the revised July estimate of $502.6 billion. Residential construction was at a seasonally adjusted annual rate of $238.5 billion in August, 0.3 percent (±1.3%) below the revised July estimate of $239.1 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $259.7 billion in August, 1.4 percent (±1.1%) below the revised July estimate of $263.5 billion.

Public Construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $313.6 billion, 2.5 percent (±2.4%) above the revised July estimate of $306.0 billion. Educational construction was at a seasonally adjusted annual rate of $74.0 billion, 0.8 percent (±4.5%) below the revised July estimate of $74.6 billion.

Highway construction was at a seasonally adjusted annual rate of $83.4 billion, 5.0 percent (±6.4%) above the revised July estimate of $79.4 billion.

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