Construction spending during August 2015 came in at a seasonally adjusted annual rate of $1,086.2 billion, 0.7% (±1.5%) above the revised July estimate of $1,079.1 billion, the U.S. Census Bureau of the Department of Commerce announced.

The August figure is 13.7% (±2.1%) above the August 2014 estimate of $955.0 billion.

During the first 8 months of this year, construction spending amounted to $683.4 billion, 9.8% (±1.3%) above the $622.4 billion for the same period in 2014.

Spending on private construction was at a seasonally adjusted annual rate of $788.0 billion, 0.7% (±0.7%) above the revised July estimate of $782.3 billion.

Residential construction was at a seasonally adjusted annual rate of $383.3 billion in August, 1.3% (±1.3%) above the revised July estimate of $378.5 billion.

This comes even as homebuilder confidence hit a 10-year high for September.

This was partially reflected in new home sales in August, which hit a seven-year high. Sales of new single-family houses in August 2015 were at a seasonally adjusted annual rate of 552,000, according to estimates released jointly today by the U.S. Census Bureauand the Department of Housing and Urban Development.

This construction spending level in August is likely to be high point, with a slowdown to come in a few months. Housing starts fell to a three month low of 1.126 million in August, missing expectations of 1.116 million, and below last month's downward revised 1.161 million, the Census Bureau and the Department of Housing and Urban Development said.

Nonresidential construction was at a seasonally adjusted annual rate of $404.7 billion in August, 0.2% (±0.7%) above the revised July estimate of $403.8 billion.

In August, the estimated seasonally adjusted annual rate of public construction spending was $298.2 billion, 0.5% (±2.6%) above the revised July estimate of $296.8 billion. Educational construction was at a seasonally adjusted annual rate of $67.4 billion, 0.2% (±4.1%) below the revised July estimate of $67.5 billion.