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August 2023 Construction Spending
The U.S. Census Bureau announced construction spending for August 2023 was at a seasonally adjusted annual rate of $1,983 billion, 0.5% above the revised estimate of $1,974 billion in July. Compared to the same period last year, construction spending was up 7.4%. During the first eight months of this year, spending amounted to $1,85 billion, up 4.2% above that period in 2022.
While private construction spending in August was $1,553 billion, up 0.5% from the revised July estimate of $1,545 billion, public construction spending was $432 billion, 0.6% above the revised July estimate of $429 billion. Two contributors were educational construction at $91 billion, up 0.25 from July, and highway construction at $130 billion, up 0.4% from July. Additionally, public construction spending is up 14.1% from last year’s period.
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