Construction spending edged down in August

agc-logoBy Dees Stribling | MHN Online

The Census Bureau reported on Wednesday that U.S. construction spending during August came in at an annualized rate of $961 billion, 0.8 percent below the July rate. Still, the August 2014 figure is 5 percent above the August 2013 annualized rate of $915.3 billion. Both private and public spending dropped this August.

Spending on private construction fell 0.8 percent in August compared with July. Residential construction dropped 0.1 percent month-over-month, while nonresidential construction dropped more: 1.4 percent below July. Government spending on construction projects was down as well, declining 0.9 percent for the month.

Since this time last year, office construction spending is up 18.9 percent, and hotel construction gained 10.2 percent, but the big winner was multifamily construction, up 35.9 percent. Also, construction of manufacturing-related facilities gained up 14.5 percent year-over-year. On the other hand, spending on communications infrastructure dropped 10.5 percent since last year, and a little surprisingly, healthcare construction spending was off 6.6 percent.

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories

City seeks developers for south Phoenix property

By Audrey Jensen | Phoenix Business Journal The city of Phoenix seeks developers for south Phoenix property. Phoenix is moving forward with a request for proposals for a city-owned, vacant lot on the south side of the city that has a long history.  The economic

Read More »