Construction spending picked up in August, the Census Bureau said Monday.
The Census Bureau reported that construction outlays reached an annualized pace of $2.17 trillion, up 0.2 percent from July’s revised $2.165 trillion figure. The result beat economist expectations for a 0.2 percent decline.
The report, delayed by the government shutdown, showed resilience in the construction sector after forecasts had anticipated a slowdown.
Private-sector construction spending led the gains, expanding 0.3 percent to a $1.652 trillion annualized pace. Residential construction was the strongest performer, rising 0.8 percent to $914.8 billion annually. The…
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