US August construction spending up 0.3 pct; residential spending falls 1.5 pct

Overall construction spending had the strongest showing in five months despite the fifth straight decline in private residential construction spending, the Commerce Department said Monday. Construction spending rose 0.3 pct in August to 1.2 trln usd from the prior month. Economists had expected overall construction spending to fall 0.3 pct in August. Private residential construction fell by 1.5 pct to a seasonally adjusted annual rate of 617 bln usd. That's the fifth consecutive monthly decline and the lowest level since February 2005. Non-residential private construction jumped by 3.4 pct in August to a record-high rate of 312.1 bln usd. That's the fastest gain since last September. Total public construction rose 1.1 pct to an annual rate of 271.6 bln usd, while federal construction spending fell 4.3 pct in August, the fourth decline in five months. The department said total construction spending fell 1 pct in July, revised from an earlier estimate that construction spending rose by 1.2 pct in the month. For the first eight months of the year, construction spending totaled 793.2 bln usd, 7.2 pct above the same period last year.