US construction spending falls 0.1pc in August
By Iain Gilbert
Date: Tuesday 01 Oct 2024
(Sharecast News) - US construction spending fell 0.1% month-on-month to a seasonally adjusted annual rate of $2.13trn in August, according to the Census Bureau, following a revised 0.5% decrease in August and missing forecasts of a 0.1% rise.
Private spending fell by 0.2% month-on-month, with the residential segment down by 0.3% and the non-residential segment shrinking by 0.1%, primarily in education and healthcare.
On the other hand, public spending rose by 0.3%, driven by a 1.6% jump in the residential segment and a 0.3% increase in the non-residential segment.
On an annualised basis, construction spending grew by 4.1% in August.
Reporting by Iain Gilbert at Sharecast.com
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