U.S. construction spending flat in August
Reuters
Published Oct 01, 2021 10:31AM ET
WASHINGTON (Reuters) - U.S. construction spending was unexpectedly flat in August as an increase in public sector projects was offset by weakness in the private sector.
The Commerce Department said on Friday that the unchanged reading in construction spending followed a 0.3% gain in July. Construction spending increased 8.9% on a year-on-year basis in August. Economists polled by Reuters had forecast construction spending gaining 0.3%.
Spending on private construction projects slipped 0.1% after rising 0.2% in July. Outlays on residential construction advanced 0.4%, likely lifted by remodeling projects, after rising by the same margin in July.
Single-family homebuilding spending fell 0.7% and outlays on multi-family housing projects dropped 0.8%. Homebuilding is being hampered by expensive building materials as well as land and labor shortages.
Investment in private non-residential construction like gas and oil well drilling declined 1.0% in August.
Spending on public construction projects rose 0.5% in August, matching July's gain. Outlays on state and local government construction projects increased 0.8%, but federal government spending dropped 4.6%.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.