WASHINGTON–Outlays for U.S. construction projects weakened in August and July primarily due to steep declines in spending on public projects, according to new data released by the Commerce Department.
Commerce reported that spending on construction tumbled 0.7% in August, while Outlays in July were reduced to a 0.3% fall from the department’s original forecast.
August spending of $1.14 trillion was 0.3% lower than the same period in 2015, Commerce said. Despite the losses, outlays for the first eight months of the year are 4.9% higher compared with the same period in 2016.
For overall public construction projects, spending fell 2.0% in August after a 3.5% decline in July. Spending on public projects is at the lowest level since March 2014, the government said. Over the past year, public construction spending is down 8.8%, according to the Commerce Dept.