The 'Value of Construction Put in
Place' survey for August was published on Tuesday, three weeks after its
scheduled release. The Census Bureau
report provides dollar values for construction work done each month on both new
and existing structures and in both the public and private sectors. The August
data was delayed by the recently ended federal government shutdown.
Overall, the value of construction put
in place during the month was 7.1 percent ahead of August 2012 numbers and
increased 0.6 percent from July. On a
seasonally adjusted annualized basis the value of all construction put in place
in August was $915.05 billion.
Total residential construction, public
and private, was valued on a seasonally adjusted annual basis at $346.46
billion compared to $342.14 billion in July, an increase of 1.3 percent.
Residential construction increased 18.3 percent over the level of one year earlier
when the total was $292.78 billion.
As is typical for the survey, the private sector accounted for the vast majority--spending an
annualized $340.21 billion-- an increase of 1.2 percent from July and
18.7 percent from August 2012. The residential
construction total represented more than half of all private sector
construction expenditures for August, an annualized total of $640.51 billion,
and its year over year growth was more than three time greater than that of the
non-residential component which rose 4.3 percent
The $6.24 billion spent in the public
sector on residential construction was up 4.3 percent from July and 0.5 percent
from one year earlier. Residential
construction represented only a small fraction of the $274 billion total value
of all construction put in place in the public sector.
On a non-seasonally adjusted basis total
residential expenditures in August were $33.77 million of which $33.23 million
was in the private sector. The year-to-date
(YTD) value of all residential construction is $220.78 billion, an increase of
20.0 percent from YTD figures in 2012.
In the private sector the YTD figure for residential construction is
$216.82 billion, a 20.5 percent increase over 2012.