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%.