The U.S. Census Bureau of the Department of Commerce announced that construction spending during August 2012 was estimated at a seasonally adjusted annual rate of $837.1 billion, 0.6 percent (±2.1%)* below the revised July estimate of $842.0 billion. The August figure is 6.5 percent (±2.1%) above the August 2011 estimate of $786.3 billion. During the first 8 months of this year, construction spending amounted to $545.2 billion, 9.0 percent (±1.5%) above the $500.1 billion for the same period in 2011.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $562.2 billion, 0.5 percent (±1.2%)* below the revised July estimate of $564.8 billion. Residential construction was at a seasonally adjusted annual rate of $273.5 billion in August, 0.9 percent (±1.3%)* above the revised July estimate of $271.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $288.7 billion in August, 1.7 percent (±1.2%) below the revised July estimate of $293.7 billion.

Public Construction
In August, the estimated seasonally adjusted annual rate of public construction spending was $274.9 billion, 0.8 percent (±3.3%)* below the revised July estimate of $277.2 billion. Educational construction was at a seasonally adjusted annual rate of $67.0 billion, 3.4 percent (±6.3%)* below the revised July estimate of $69.4 billion. Highway construction was at a seasonally adjusted annual rate of $80.8 billion, 0.6 percent (±6.9%)* below the revised July estimate of $81.3 billion.