US construction spending rises 0.5% in August

By Ovunc Kutlu

ISTANBUL (AA) – US construction spending rose 0.5% to $1,983.5 billion in August, according to the Commerce Department figures released Monday.

Construction spending, one of the major indicators of well-being in the construction sector, came in line with the market expectations.

The figure for July was revised up to a monthly gain of 0.9%, from 0.7%, for $1,973.7 billion, the data showed.

Annually, the reading in August was 7.4% above the figure from the same month last year, when it stood at $1,847.3 billion, the Commerce Department said.

Construction spending, during the first eight months of this year, amounted to $1,284.7 billion, which is 4.2% above the $1,233.4 billion for the same period in 2022, it noted.