US Construction Spending Flat in August

US Construction Spending Flat in August
Construction continues on a large multi-unit housing development in San Diego, Calif., on Sept. 20, 2021. Mike Blake/Reuters
Reuters
Updated:

WASHINGTON—U.S. construction spending was unexpectedly flat in August as an increase in public sector projects was offset by weakness in the private sector.

The Commerce Department said on Friday that the unchanged reading in construction spending followed a 0.3 percent gain in July. Construction spending increased 8.9 percent on a year-on-year basis in August. Economists polled by Reuters had forecast construction spending gaining 0.3 percent.