Residential Construction Severely Lagging 2018

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Posted To: MND NewsWire

Overall construction spending has been virtually static for much of the year. The Census Bureau reported on Tuesday that it had risen by 0.1 percent from July to August to a seasonally adjusted annual rate of $1.287 trillion compared to $1.285 trillion the prior month. On an annual basis spending is 1.9 percent lower than in August 2018. On a non-adjusted basis total spending was $119.140 billion compared to $118.314 billion in July. Year-to-date (YTD) spending through the end of August was $851.273 billion, a 2.3 percent decrease from the $871.273 billion spent during the same period last year. Privately funded construction project spending was a seasonally adjusted annualized $955.045 million, unchanged from the prior month and down by 4.0 percent from the $994.526 billion rate of spending…(read more)

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