U.S. Construction Spending Rises 0.9 Percent in August
The U.S. Department of Commerce reported an unexpected 0.9 percent increase in construction spending for August, reaching an annual rate of $2.203 trillion.
The United States Department of Commerce reported an unexpected 0.9 percent increase in U.S. construction spending for August, bringing the annual rate to $2.203 trillion. This growth follows a revised 0.1 percent decrease recorded in July.
Private construction drove the majority of the growth, rising 1.1 percent to an annual rate of $1.655 trillion. Within this sector, residential spending increased by 1.1 percent and non-residential spending rose by 1.0 percent. Analysts attribute the strength of the non-residential sector largely to ongoing data center construction.
Public construction also saw a modest rise of 0.2 percent. This increase was attributed to government spending on highway projects and educational facilities.
