Construction spending during August 2019 was estimated at a seasonally adjusted annual rate of $1,287.3 billion, 0.1% above the revised July estimate of $1,285.6 billion, the Commerce Department reported Tuesday. Economists were expecting a gain of 0.4%.
The August figure is 1.9% below the August 2018 estimate of $1,312.2 billion. During the first eight months of this year, construction spending amounted to $851.3 billion, 2.3% below the $871.3 billion for the same period in 2018.
Spending on private construction was at a seasonally adjusted annual rate of $955.0 billion, nearly the same as the revised July estimate of $954.8 billion. Residential construction was at a seasonally adjusted annual rate of $507.2 billion in August, 0.9% above the revised July estimate of $502.5 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $447.9 billion in August, 1.0% below the revised July estimate of $452.3 billion.