Residential Construction Spending Increases in August

Residential construction seems to be rebounding, though slightly. According to the Calculated Risk blog, private residential construction spending increased by 2.7% on a year-over-year basis as of August 2024. While improved, this is still 8.2% below the peak seen in 2022. These figures are on par with the spending observed in the construction industry as a whole, which also saw slight year-over-year improvements.

Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1 percent below the revised July estimate of $2,133.9 billion. The August figure is 4.1 percent above the August 2023 estimate of $2,047.4 billion.

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