Construction spending reports are volatile and heavily revised, but given the weakness in most housing reports, the Monthly Construction Report for August rings true.

Total Construction

Construction spending during August 2018 was estimated at a seasonally adjusted annual rate of $1,318.5 billion, 0.1 percent above the revised July estimate of $1,317.4 billion.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,001.7 billion, 0.5 percent below the revised July estimate of $1,006.9 billion. Residential construction was at a seasonally adjusted annual rate of $548.9 billion in August, 0.7 percent below the revised July estimate of $553.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $452.9 billion in August, 0.2 percent below the revised July estimate of $453.9 billion.

Public Construction

Public construction spending was $316.7 billion, 2.0 percent above the revised July estimate of $310.5 billion. Educational construction was at a seasonally adjusted annual rate of $72.3 billion, 1.0 percent above the revised July estimate of $71.7 billion. Highway construction was at a seasonally adjusted annual rate of $99.0 billion, 1.7 percent above the revised July estimate of $97.3 billion.

Select Seasonally-Adjusted Spending Numbers

  • Total -0.1%
  • Private: -0.5%
  • Private Residential -0.7%
  • Private Multi-Family -1.7%
  • Private Non-Residential -0.2%
  • Public: +2.0%
  • Public Highway: +1.7%
  • Public Education: +1.0%

Year-Over-Year Private Residential Construction

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Year-Over-Year Private Construction

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Mike "Mish" Shedlock

Construction Spending Unexpectedly Weak -0.8%: Single-Family Down Every Month

Economists expected construction spending would rise 0.1%. Instead, spending fell 0.8%, including revisions, down 0.4%.

Construction Spending Flat, Private Construction Negative

Economists expected construction spending to rise. Instead, spending was flat, and only because of government spending.

Construction Spending Unexpectedly Weak: Home Repairs Collapse

Economists expected a jump of 0.5% in construction spending. Instead, spending came in at 0.1%.

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Construction spending rose more than expected in November. Revisions add to the gains.

March Construction Spending Unexpectedly Declined by 0.9%

Construction spending declined 0.9% in March and revisions in February were negative.

Construction Spending Dips Slightly in July

Construction spending declined 0.1% in July. With major revisions being the norm, consider it flat.

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Economists are easily surprised. Today's surprise is in regard to construction spending.

Construction Spending Disaster: Expectations Missed, Negative Revisions for 2018

Economists expected construction spending in May to rise 0.6%. Spending rose 0.4%. April was revised 0.9% lower.

Construction Spending Declines 1.7% but Strong Upward Revisions in Jan and Feb

The often volatile and heavily revised construction spending numbers did their thing again in March.