US construction spending falls 0.1pc in August

1st Oct 2024 15:28

(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