Construction Numbers Boosted by Residential Remodeling
Spending on residential construction, while down a bit in August and in spite of the gloom and doom about the housing market, continues to run significantly higher than in 2021. This is also true, although to a lesser extent, for construction spending as a whole.
The U.S. Census Bureau put spending on all public and privately funded construction during the month at a seasonally adjusted annual rate of $1.781 trillion, down from $1.794 trillion in July, a month-over-month decline of 0.7 percent. Annualized spending, however, was 8.5 percent higher than in August 2021. For the year-to-date (YTD), spending has totaled $1.184 trillion, up 10.9 percent compared to the first eight months of 2021.
Funding for private construction of all types was at a seasonally adjusted rate of $1.42
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