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For additional information relating to this article, please contact:

Barbara Ruszel Economist
Tel: 902-424-1848Email: Basia.Ruszel-Lichodzijewska@novascotia.ca

October 02, 2017
US CONSTRUCTION SPENDING, AUGUST 2017

 

US construction spending increased by 0.5 per cent in August compared to July, to a seasonally adjusted annual rate of $1,218 billion. Residential construction and non-residential construction spending both increased by 0.5 per cent. Private spending grew by 0.4 per cent while public spending increased by 0.7 per cent.

Compared to August of 2016, total construction spending was up 2.5 per cent, with increased residential (11.3 per cent) partially offset by decreased non-residential spending (-3.4 per cent). Private spending increased by 4.7 per cent while the relatively smaller public spending category decreased 5.1 per cent.

In the first eight months of the year, total spending was up 4.5 per cent compared to the same period in 2016. Residential spending grew by 11.7 per cent while non-residential fell by 0.1 per cent. Private spending increased 7.7 per cent while public spending fell 5.0 per cent.               

US construction spending, especially residential spending, is an important indicator for Nova Scotia's wood exports. Though not a perfect predictor, US residential construction spending and the value of Nova Scotia's wood exports follow similar directions over time. In 2016, US residential construction spending increased by 5.4 per cent over 2015, while Nova Scotia's wood product exports to the U.S. grew 5.2 per cent.

Source: US Census Bureau



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