US construction spending likely remained on an uptrend

Paced by an anticipated acceleration in home-building activity, the nominal value of new construction put-in-place probably expanded by 0.8% in August, boosting the cumulative rise since last November to 11.8%. Residential outlays likely jumped by 1.5% during the reference period, accounting for a little over two thirds of the pickup in total spending last month. Commercial (0.5%) and public-project (0.2%) expenditures probably both posted modest gains in August - the first simultaneous increases since May. 

"The Census Bureau's has boosted previously reported spending figures over the past four months. As a result, we would caution readers to look very closely at revisions to June and July before drawing conclusions on this report. Our projections, if realized, would place construction spending over the July-August span, 9.6% annualized above the April-June average, after a 29.4% leap during the spring quarter", says Societe Generale.