Construction spending dropped in August

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WASHINGTON, Oct. 1 (UPI) -- Construction spending fell 0.6 percent in August to $837.1 billion on a seasonally adjusted annual basis, the U.S. Census Bureau reported Tuesday.

Total construction spending in July was revised to $842 billion, the bureau said.

Spending for August was 6.5 percent above July 2011 when $786.3 billion was spent on construction projects on a seasonally adjusted annual basis.

Spending on private construction was at a seasonally adjusted annual rate of $562.2 billion, 0.5 percent less than July's revised estimate of $564.8 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $273.5 billion in August, 0.9 percent above the July revised figure of $271.1 billion.

Non-residential private construction was at a seasonally adjusted annual rate of $288.7 billion, 1.7 percent below the $293.7 spent in July -- also a revised figure.

The estimated seasonally adjusted annual rate of public construction spending in June was $274.9 billion, 0.8 percent below the revised July estimate of $277.2 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $67 billion, 3.4 percent below the revised July estimate of $69.4 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $80.8 billion, 0.6 percent below the revised July estimate of $81.3 billion.