WASHINGTON - Construction spending increased 0.8% in August as private residential construction jumped by the largest amount in almost 16 years, the Commerce Department reported today.
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Private construction increased 1.8% and public construction decreased 1.1%. Total construction fell 1.1% in July.
Private residential construction jumped 4.7% in August, the largest monthly increase since Nov. 1993. Nonresidential construction declined 0.1%.
Total construction year-to-date is down 11.9% from the same period in 2008.
