US construction spending for August -0.7% vs. -0.3% estimate

US construction spending for August 2022

• construction spending -0.7% vs. -0.3% estimate
• construction spending year on year up 8.5%
• construction spending $1.781 trillion vs. revised July of 1.793 trillion
• private construction spending -0.6%. Year on year +9.9%
• public construction spending -0.8%. Year on year +3.3%
• During the 1st 8 months of the year construction spending has risen 10.9% which is at 1% above the same period in 2021

Although the year near numbers are still positive, one has to think that the trends are more to the upside as the cost of capital impact starts to work through the economy.

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