Construction spending fell 0.8% in August to a seasonally adjusted annual rate of $961 billion, well below analyst expectations and below the July printing of $968.8 billion, the Census Bureau said.

The August figure is 5% above the August 2013 estimate of $915.3 billion.

The drop was in part driven by a decline in private, residential spending.

Spending on private construction was at a seasonally adjusted annual rate of $685 billion, 0.8% below the revised July estimate of $690.3 billion.

Residential construction was at a seasonally adjusted annual rate of $351.7 billion in August, 0.1% below the revised July estimate of $352.1 billion.

During the first 8 months of this year, total construction spending amounted to $623.1 billion, 6.8% above the $583.2 billion for the same period in 2013.

Nonresidential construction was at a seasonally adjusted annual rate of $333.3 billion in August, 1.4 % below the revised July estimate of $338.1 billion.