August Construction Activity Up Slightly But Still Down 10 Percent YTY

Construction spending during August 2010 was estimated at a seasonally adjusted annual rate of $811.8 billion, 0.4 percent above the revised July estimate of $808.6 billion, according to the U.S. Census Bureau. The August figure is 10 percent below the August 2009 estimate of $901.8 billion.

During the first eight months of this year, construction spending amounted to $539.4 billion, 11.2 percent below the$607.5 billion for the same period in 2009.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $498.2 billion, 0.9 percent below the revised July estimate of $502.6 billion. Residential construction was at a seasonally adjusted annual rate of $238.5 billion in August, 0.3 percent below the revised July estimate of $239.1 billion. Multi-family construction saw the biggest decline in August, with a 11.4-percent drop to $11.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $259.7 billion in August, 1.4 percent below the revised July estimate of $263.5 billion.

Public construction. In August, the estimated seasonally adjusted annual rate of public construction spending was $313.6 billion, 2.5 percent above the revised July estimate of $306 billion. Educational construction was at a seasonally adjusted annual rate of $74 billion, 0.8 percent below the revised July estimate of $74.6 billion. Highway construction was at a seasonally adjusted annual rate of $83.4 billion, five percent above the revised July estimate of $79.4 billion. Health-care construction was up 5.1 percent over July and was 6.7 percent better than August 2009, while commercial construction was up 8.2 percent over the previous month but was still down 33.1 percent YTY.