Residential Construction Spending Up 7%; Low Rates Forever?

Construction spending expanded again , with residential construction among the healthier sectors. The U.S. Census Bureau put total August public and private construction spending at a seasonally adjusted annual rate of $1.413 trillion compared to $1.393 trillion in July. This is a 1.4 percent increase and is 2.5 percent higher than the prior August. On a non-adjusted basis, the spending was $130.183 billion, about $3 billion more than in July. For the year-to-date (YTD), total expenditures of $927.705 billion are 4.2 percent above the total during the same period in 2019. Private sector spending was at a seasonally adjusted rate of $1.061 trillion, 1.9 percent more than in July and 1.5 percent ahead of spending in August of last year. For the YTD, private sector spending, at $696.743 billion


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