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US construction spending in August slightly below revised July estimate

World Cement,

According to the US Census Bureau of the Department of Commerce, construction spending in August 2014 came in at US$961 billion at a seasonally adjusted annual rate. This is approximately 0.8% below the revised July 2014 estimate but 5% above the August 2013 figure. For the January – August 2014 period, US construction spending improved by 6.8% y/y.

Public construction spending in August is estimated at a seasonally adjusted annual rate of US$275.9 billion, down 0.9% on the revised July estimate of US$278.5 billion. Compared to July, educational construction spending and highway construction spending fell by 2.9% and 0.6%, respectively.

Private construction spending was estimated at US$685 billion for August, compared to the revised July estimate of US$690.3 billion. Residential construction spending decreased by 0.1% m/m to US$351.7 billion. Non-residential construction spending fell by 1.4% y/y to US$333.3 billion.

In other news, the Government Development Bank of Puerto Rico’s Economic Activity Index (GDB-EAI) reveals that 1.07 million bags of cement were sold in August 2014. This is 22.4% lower than in the corresponding month in 2013. According to the Index, gasoline consumption and electric power generation also declined during the month, falling by 0.3% y/y and 4.1% y/y, respectively. On a more positive note, construction employment increased by 6.6% y/y, the fifth consecutive month of growth.

Edited from various sources by

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