October 4, 2011 (Shirley Allen)
Private residential construction spending increased 0.7 percent to a seasonally adjusted annual rate of $237.8 billion in August from a revised estimate of $236.2 billion in July according to the U.S. Census Bureau.
Monthly spending by builders for all types of private construction increased 0.4 percent to a seasonally adjusted annual rate of $511.0 billion, up from the revised estimate of $508.9 billion in July.
July’s estimate for private residential construction spending was revised downward almost $12 billion from $248.1 billion and the estimate for all types of private construction was revised downward from 519.0 billion.
Private residential construction in August was 3.9 percent higher than in August of 2010 when builders spent a seasonally adjusted $228.9 billion and the total spent for all private construction was 5.6 percent higher than the $484.1 billion spent in August of last year.
Private construction spending on new single-family homes increased 0.8 percent from July to August with builders spending a seasonally adjusted $106.4 billion in August. July’s estimate was upwardly revised from $105.1 billion to $105.5 billion. Single-family home construction spending was down 3.5 percent compared to August of 2010, when builders spent a seasonally adjusted $110.2 billion on construction.
Multi-family private construction spending also increased 0.8 percent from July to August, to a seasonally adjusted annual rate of $14.9 billion. July’s estimate was also upwardly revised from $14.0 billion to $14.8 billion. Multi-family construction spending was 13.3 percent higher than in August 2010, when builders spent a seasonally adjusted $13.1 billion.
The remainder of the private residential construction spending in August, $116.6 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was an increase from an upwardly revised $116.0 billion in July and an increase from the $105.5 billion spent in August of 2010.
Tags: Census Bureau, residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions