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 a whole has had to contend with
a multitude of pandemic-related disruptions, such as increased safety
precautions, building material cost run-ups created by global supply chain
dysfunction, and acute skilled-labor shortages.

 

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