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Thursday morning, the Commerce Department released its report on construction spending in the month of August, showing that spending unexpectedly increased due largely to a jump in spending on residential construction.
The report showed that construction spending increased by 0.8 percent in August compared to a revised 1.1 percent decrease in July. The increase surprised economists, who expected spending to fall 0.1 percent compared to the 0.2 percent drop originally reported for the previous month.
Despite the monthly increase, the Commerce Department noted that construction spending is down 11.6 percent compared to the same month a year ago. For the year-to-date period, spending is down 11.9 percent compared to the same period last year.
A notable increase in spending on residential construction contributed to the unexpected monthly increase in construction spending, with residential construction spending jumping 4.7 percent to $249.5 billion in August from $238.3 billion in July.
At the same time, spending on non-residential construction edged down 0.1 percent in August, limiting the increase in total private construction spending to 1.8 percent.
The report also showed that spending on public construction fell 1.1 percent to $319.8 billion in August from $323.5 billion in July. While spending on educational construction was nearly unchanged, spending on highway construction rose 0.8 percent.
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