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Construction spending dips, but contractors remain optimistic

October 4, 2022

Nonresidential spending totaled $859.3 billion in August on a seasonally adjusted annualized basis, as private nonresidential spending ticked down 0.1%, while public nonresidential construction spending decreased 0.8%.

Residential spending fell 1% over the last month, while total construction spending dipped 0.7% in August, the biggest decrease since February 2021, according to the data.

But compared with a year ago, spending on water projects was up 23.3%, the biggest 12-month gain of any sector. Spending on commercial construction jumped 19.1% from a year ago, while spending on manufacturing increased 21.5% from a year earlier.

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