U.S. Construction Spending Unexpectedly Edges Down 0.1% In August
2024-09-22
4909
(fxcue news) - A report released by the Commerce Department on Tuesday unexpectedly showed a modest decrease by construction spending in the U.S. in the month of August.
The Commerce Department said construction spending edged down by 0.1 percent to an annual rate of $2.132 trillion in August after falling by 0.5 percent to a revised rate of $2.134 trillion in July.
Economists had expected construction spending to inch up by 0.1 percent compared to the 0.3 percent dip originally reported for the previous month.
The unexpected decrease by total construction spending came as spending on private construction slipped by 0.2 percent to an annual rate of $1.642 trillion.
Spending on residential construction fell by 0.3 percent to an annual rate of $899.9 billion, while spending on non-residential construction edged down by 0.1 percent to an annual rate of $742.2 billion.
Meanwhile, the Commerce Department said spending on public construction rose by 0.3 percent to an annual rate of $489.8 billion.
While spending on educational construction was virtually unchanged at an annual rate of $102.4 billion, spending on highway construction jumped by 1.1 percent to an annual rate of $141.4 billion.
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