02.10.202314:55:00UTC+00U.S. Construction Spending Increases In Line With Estimates In August

A report released by the Commerce Department on Monday showed construction spending in the U.S. increased in line with economist estimates in the month of August.

The Commerce Department said construction spending climbed 0.5 percent to an annual rate of $1.984 trillion in August after jumping by an upwardly revised 0.9 percent to a rate of $1,847.3 billion in July.

Economists had expected construction spending to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

The report said spending in private construction climbed by 0.6 percent to an annual rate of $1.552 trillion in August.

Spending on residential construction increased by 0.6 percent to an annual rate of $879.9 billion, while spending on non-residential construction rose by 0.3 percent to a rate of $671.9 billion.

The Commerce Department said spending on public construction also increased by 0.6 percent to an annual rate of $431.6 billion.