Construction Spending Dips in August
Construction spending dipped 0.8% in August, the Commerce Department reported Oct. 1.
The decline follows a revised 1.2% rise in July that originally was reported as a 1.8% increase.
The downward revised estimate could call into question expectations that building activity will support economic growth in the second half of the year, the Associated Press reported.
Private construction spending dropped 0.8%, with private residential construction decreasing 0.1% and private nonresidential construction falling 1.4%.
Overall, construction spending totaled $960.96 billion in August at a seasonally adjusted annual rate, 5% higher than a year ago, AP reported.
Public construction declined 0.9%, and federal construction dropped 1.9% as state and local construction dipped 0.9%
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
