Construction spending up another baby step in August

Construction spending during August was estimated by the U.S. Commerce Department at a seasonally adjusted annual rate of $941.9 billion, 0.8% above the revised July estimate of $934.6 billion. The August figure is 11.6% below the August 2008 estimate of $1,066.1 billion.

During the first eight months of this year, construction spending amounted to $629.5 billion, 11.9% below the $714.3 billion for the same period in 2008.

Public construction spending edged down in August to $319.8 billion, 1.1% below the revised July estimate of $323.5 billion. Highway construction was at a seasonally adjusted annual rate of $85.2 billion, 0.8% above the revised July estimate of $84.5 billion.