Construction + Economy

August 2009 Construction Spending at $941.9 Annual Rate

Craig DiLouie October 26, 2009

Construction spending during August 2009 was estimated at a seasonally adjusted annual rate of $941.9 billion, 0.8% above the revised July estimate of $934.6 billion and 11.6%, or $124.2 billion, below the August 2008 estimate of $1,066.1 billion. During the first eight months of 2009, construction spending reached $629.5 billion, 11.9% below the $714.3 billion for the same period in 2008.

Residential spending gained ground over the summer, increasing from about $247 billion in July 2009 to $257.4 in August 2009, a 4.2% increase, but is still 26% off from August 2008, when spending was estimated at $347.8 billion.

Nonresidential construction declined slightly in August. Private nonresidential construction remained about the same at $372.6 billion, a 10.5% decline from August 2008. Public nonresidential construction declined slightly (-0.9%) to $311.9 billion, but spending remains 3.3% above August 2008.

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