Economy Watch: Construction Spending, ADP Reports
from Commercial Property Executive
The Census Bureau reported on Oct. 1 that U.S. construction spending during August came in at an annualized rate of $961 billion, 0.8 percent below the July rate. Still, the August 2014 figure is 5 percent above the August 2013 annualized rate of $915.3 billion. Both private and public spending dropped this August. Spending on private construction fell 0.8 percent in August compared with July. Residential construction dropped 0.1 percent month over month, while nonresidential construction dropped more: 1.4 percent below July. Government spending on construction projects was down as well, declining 0.9 percent for the month.
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