Construction up, homes down

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2006 was estimated at a seasonally adjusted annual rate of $1,200.7 billion, 0.3 percent above the revised July estimate of $1,196.8 billion. The August figure is 4.4 percent above the August 2005 estimate of $1,150.3 billion. During the first 8 months of this year, construction spending amounted to $793.2 billion, 7.2 percent above the $739.9 billion for the same period in 2005. Spending on private construction was at a seasonally adjusted annual rate of $929.1 billion, 0.1 percent above the revised July estimate of $927.9 billion. Residential construction was at a seasonally adjusted annual rate of $617.0 billion in August, 1.5 percent below the revised July estimate of $626.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $312.0 billion in August, 3.4 percent above the revised July estimate of $301.7 billion. In August, the estimated seasonally adjusted annual rate of public construction spending was $271.6 billion, 1.1 percent above the revised July estimate of $268.8 billion. Educational construction was at a seasonally adjusted annual rate of $70.7 billion, 0.7 percent above the revised July estimate of $70.2 billion. Highway construction was at a seasonally adjusted annual rate of $77.9 billion, 0.4 percent above the revised July estimate of $77.6 billion. Your comment?