Construction spending mixed in August

Construction spending had a mixed performance in August.

Many property management companies may have experienced a mixed picture during August, as overall construction spending declined compared to the same point last year, but improved over the course of the year.

Total construction spending during the month of August was at a yearly rate of $827.1 billion, the report explained. This was 0.6 percent lower than the previous month's figure of $842 billion, but was more than 6 percent higher than the same point in 2011, when it was $786.3 billion. Overall, the first eight months of this year had a total spending rate of $545.2 billion, which was 9 percent higher than the same period last year.

"Construction is not going to be able to lead the recovery," Ryan Sweet, senior economist at Moody's Analytics, told Bloomberg. "We're going to have to lean on other sources of growth."

Private, nonresidential construction totaled nearly $289 billion last month, which was more than 1.5 percent lower than the same point last year, which was $293.7 billion, the report explained. Public construction spending had a rate of $274.9 billion, which was 0.8 percent lower than July's rate of $277.2 billion.

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