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Construction Spending: Declines Across All Sectors in August

October 3, 2016
Bottom Line: Construction fell slightly in August with declines across all sectors. Construction spending is now slightly below its year ago levels. Homebuilding fell modestly, and is now just slightly above its year ago levels. Meanwhile, non-residential construction fell sharply and is still modestly above its year ago levels. Finally, public construction fell and is now moderately below its year ago levels. Overall, construction spending is now slightly below its year ago levels.

Construction Spending FELL by 0.7% in August, compared with market expectations for an increase of 0.3%. The July estimate was revised modestly lower from 0.0% to -0.3%, while the June, estimate was revised slightly higher from 0.9% to 0.9%. Construction spending is now -0.3% BELOW its year ago level but still 5.2% below its March 2006 peak.

Residential Construction FELL by 0.3%, Homebuilding is now 1.4% ABOVE its year ago level.

Nonresidential Construction FELL by 0.4%.

Nonresidential construction growth is now 4.2% ABOVE its year ago level.

Public Construction FELL by 2.0%, and is now 8.8% BELOW its year ago level.