The US Census Bureau of the Department of Commerce announced Wednesday that construction spending during August 2014 was estimated at a seasonally adjusted annual rate of $961.0 billion, 0.8 percent (±1.8 percent) below the revised July estimate of $968.8 billion. The August figure is 5.0 percent (±2.3 percent) above the August 2013 estimate of $915.3 billion.

During the first 8 months of this year, construction spending amounted to $623.1 billion, 6.8 percent (±1.5 percent) above the $583.2 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $685.0 billion, 0.8 percent (±1.0 percent) below the revised July estimate of $690.3 billion. Residential construction was at a seasonally adjusted annual rate of $351.7 billion in August, 0.1 percent (±1.3 percent) below the revised July estimate of $352.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $333.3 billion in August, 1.4 percent (±1.0 percent) below the revised July estimate of $338.1 billion.

In August, the estimated seasonally adjusted annual rate of public construction spending was $275.9 billion, 0.9 percent (±2.8 percent) below the revised July estimate of $278.5 billion. Educational construction was at a seasonally adjusted annual rate of $62.3 billion, 2.9 percent (±4.4 percent) below the revised July estimate of $64.1 billion. Highway construction was at a seasonally adjusted annual rate of $83.3 billion, 0.6 percent (±6.3 percent) below the revised July estimate of $83.8 billion.