Residential construction spending stalls
Construction spending during August 2012 fell slightly compared with July, according to the Department of Commerce, which estimated a 0.6% dip in a seasonally adjusted annual rate. The August figure is 6.5% above the August 2011 estimate.
During the first eight months of this year, construction spending rose 9.0% higher than the same period in 2011.
Private residential construction increased 0.9% between July 2012 and the previous month. Single new-family construction rose 2.8%; spending on multi-family projects grew by 3.7%.
In year-over-year figures, residential construction spending rose 17.8% between August 2012 and August 2011. Single-family housing increased by 20.8%. Multi-family housing construction leaped 44.8%, as measured by spending.
Some sectors of non-residential public construction took a hit, however. Commercial construction spending dropped 20.5% on a seasonally adjusted basis between August 2012 and August 2011. Office construction decreased 12.2%, as did water supply infrastructure.