Construction Spending Up for First Time in Three Months

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Posted To: MND NewsWire

Construction spending in August came in a little higher than expected, posting the first increase in three months. Unlike housing starts and completions, national spending did not seem affected by Hurricane Harvey. The U.S. Census Bureau said total construction spending for the month was at a seasonally adjusted annual rate of $1.22 billion, an increase of 0.5 percent from the revised estimate of $1.21 billion in July and 2.5 percent ahead of spending in August 2016. Analysts were expecting an increase in spending of 0.3 percent on a month-over-month basis. Predictions among those polled by Econoday ranged from -0.1 percent to 0.5 percent. On a non-adjusted basis, total spending for the month was estimated at 112.84 billion, up from $111.61 billion in July. For the first eight months of the…(read more)

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