Construction Spending SHOCKINGLY JUMPS 1.4%

Rhode Island, construction

Photo: flickr / Jef Nickerson

Construction spending in August jumped 1.4% month-over-month.  Economists were looking for -0.2%.The consensus range was -0.9% to +1.9%.

The July number was revised down to -1.4%, from a prior reading of -1.3%.

Construction spending in August was at a seasonally adjusted annual rate of $799.1 billion, which is up 0.9% from a year ago.

Growth was driven by public construction, which grew 3.1% month-over-month.  Educational and highway construction spending were up 4.3% and 3.5%, respectively.

Private construction spending grew 0.4%.  Residential construction spending grew 0.7%.

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