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August 2020 Construction Spending Increases
The U.S. Census Bureau announced construction spending for August 2020 was at a seasonally adjusted annual rate of $ 1,413 billion, 1.4% above the revised estimate in July. Compared to 2019, August 2020 total spending is up 2.5%. Also, during the first eight months of 2020, construction spending amounted to $ 928 billion, 4.2% above the $890 billion for the same period in 2019.
While private construction spending in August was $ 1,061 billion, 1.9% above the revised July estimate of $ 1,042 billion, public construction spending was $351 billion, 0.1% above last month’s revised estimates of $351 billion.
Compared to August 2019, public construction spending was up 5.5%. The most significant contributor on a percentage basis to the increase in public construction for the year is public safety, which was $15 billion, 41% above the $11 billion for the same period in 2019. Additionally, contributing to public spending growth from the previous year is highway construction at a seasonally adjusted annual rate of $101 billion, up 7.2% in 2019. Highway construction also grew 1.9% from the previous month.
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