Total Construction Spending as of August 2023

The latest construction spending data and percentage changes from the previous year. Here is a summary of the key takeaways:

• Total construction spending in the United States in August 2023 was $1.983 trillion, up 7.37% from August 2022.
• Private construction spending accounted for $1.552 trillion, up 5.63% from the previous year.
• Public construction spending was $432 trillion, up 14.13% from the previous year.
• Nonresidential construction spending was $1.094 trillion, up 17.58% from the previous year, while residential construction spending was $890 trillion, down 2.98% from the previous year.

The strongest growth in construction spending was in the public nonresidential sector, which was up 14.39% from the previous year. This growth was likely driven by investments in infrastructure and other public projects. Nonresidential private construction spending also grew at a healthy pace, up 19.68% from the previous year. This growth was likely driven by strong demand for commercial and industrial space.

Residential construction spending, on the other hand, was down slightly from the previous year. This decline was likely due to rising mortgage rates and inflation, which have made it more expensive to buy a home.

Overall, the construction spending data for August 2023 is positive, suggesting that the sector remains strong. However, the decline in residential construction spending is a concern, as it could weigh on the overall economy in the coming months.