August construction spending is up 7.1 percent over last year

For Release at 10:00 A.M. EDT, Tuesday, October 22, 2013

Joseph Huesman, Linnet Holland, or Trent Langley (301) 763-1605

AUGUST 2013 CONSTRUCTION AT $915.1 BILLION ANNUAL RATE

The U.S. Census Bureau of the Department of Commerce announced today (October 22, 2013) that construction spending during August 2013 was estimated at a seasonally adjusted annual rate of $915.1 billion, 0.6 percent (±2.1%) above the revised July estimate of $909.4 billion. The August figure is 7.1 percent (±2.3%) above the August 2012 estimate of $854.0 billion.
During the first 8 months of this year, construction spending amounted to $581.9 billion, 5.9 percent (±1.5%) above the $549.4 billion for the same period in 2012.

PRIVATE CONSTRUCTION Spending on private construction was at a seasonally adjusted annual rate of $640.5 billion, 0.7 percent (±1.2%) above the revised July estimate of $636.1 billion. Residential construction was at a seasonally adjusted annual rate of $340.2 billion in August, 1.2 percent (±1.3%) above the revised July estimate of $336.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $300.3 billion in August, 0.1 percent (±1.2%) above the revised July estimate of $299.9 billion.

PUBLIC CONSTRUCTION In August, the estimated seasonally adjusted annual rate of public construction spending was $274.5 billion, 0.4 percent (±3.3%) above the revised July estimate of $273.4 billion. Educational construction was at a seasonally adjusted annual rate of $63.8 billion, 1.3 percent (±5.9%) below the revised July estimate of $64.6 billion. Highway construction was at a seasonally adjusted annual rate of $80.6 billion, 0.1 percent (±7.4%) above the revised July estimate of $80.5 billion.

Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan.  He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods.  Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce.  You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.