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Spending on Home Construction Up in August Report

The ""Census Bureau"":http://www.census.gov/construction/c30/pdf/release.pdf put construction spending at a seasonally adjusted annual rate of $915.1 billion in August, a slight increase over July's spending.

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Like the Bureau of Labor Statistics' ""Employment Situation"":https://themreport.com/articles/september-unemployment-rate-at-72-job-growth-still-weak-2013-10-22 data, Census' ""construction spending report"":http://www.census.gov/construction/c30/pdf/release.pdf was released late in October due to the effects of the government shutdown. The Census' website was closed to visitors throughout the duration of the shutdown.

August's increase put it approximately 0.6 percent above the revised July estimate of $909.4 billion and 7.1 percent above August 2012's estimate of $854.0 billion.

During 2013's first eight months, total construction spending amounted to $581.9 billion, 5.9 percent above the same period last year.

On the private side, the Census estimated construction spending was at an adjusted rate of $640.5 billion, 0.7 percent above the revised July estimate of $636.1 billion. Private residential construction spending was $340.2 billion, a 1.2 percent increase from July and an 18.7 percent increase from August 2012.

Construction for new single-family homes amounted to $171.8 billion, up 1.6 percent from July, while multifamily spending was $32.2 billion, up 3.2 percent.

In the public sector, the estimated seasonally adjusted annual rate of construction spending was $274.5 billion, up 0.4 percent from July. Spending for public residential projects was projected at $6.2 billion, up 4.3 percent month-over-month and 0.5 percent year-over-year.

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