Posted To: MND NewsWire

Construction spending in August, both public and privately funded, was essentially unchanged from the prior month. The Census Bureau said total construction spending was at a seasonally adjusted annual rate of $1.584 trillion dollars, unchanged from July. The rate was 8.9 percent higher than in August 2020, but the gain was solely due to an increase in privately funded residential spending. On a non-adjusted basis there was $148.020 billion spent during the month, again essentially unchanged from the previous month. So far in 2021 spending has totaled $1.035 trillion a 7.0 percent increase over the $966.720 billion spent during the first eight months of 2020. However, non-residential spending has declined 6.7 percent for the year-to-date (YTD). Wells Fargo says, “The construction industry as…(read more)

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Source: Mortgage News Daily