Construction spending grows in several sectors
Builders and developers spent $799.1 billion on construction projects in August 2011, a 1.4% rise from July’s estimated rate, according to numbers released by the U.S. Commerce Department. Spending on private construction was approximately $511.0 billion, 0.4% above the previous month. Residential construction was estimated at $237.8 billion in August, 0.7% above July’s figure. Nonresidential construction, such as offices, restaurants and hotels, was $273.1 billion in August, 0.2% above the previous month’s spending rate.
In public construction, where the increases were more dramatic, August saw a jump of 3.1% to $288.2 billion compared with July. Educational construction was estimated at $72.7 billion, 4.3% above the previous month. Highway construction was at $80.2 billion, 3.5% higher that July’s estimated spending.