Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of more than $1.98 trillion.
According to data released Oct. 2 by the U.S. Census Bureau, construction spending during August 2023 was estimated at a seasonally adjusted annual rate of about $1.983 trillion, 0.5% above the revised July estimate of $1.973 trillion. The August number was 7.4% above the August 2022 estimate of about $1.847 trillion.
During the first eight months of 2023, construction spending totaled $1.284 trillion, 4.2% above the $1.233 trillion for the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1.551 trillion, 0.5% above the revised July estimate of $1,544.6 billion. Residential construction was at a seasonally adjusted annual rate of $879.9 billion in August, 0.6% above the revised July estimate of $874.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $671.9 billion in August, 0.3% above the revised July estimate of $669.9 billion.
In August, the estimated seasonally adjusted annual rate of public construction spending was $431.6 billion, 0.6% above the revised July estimate of $429.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.6 billion, 0.2% above the revised July estimate of $90.4 billion. Highway construction was at a seasonally adjusted annual rate of $130.4 billion, 0.4% above the revised July estimate of $130.0 billion.
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Mark Powell
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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