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Economic indicators: August 2024 | Dump Trucks Charlotte NC

People filter through a mostly empty hall with a white, linoleum-esque floor and open ceiling via windows.
The Edwin M. Lee Departures Hall at San Francisco International Airport. The airport's $2.9 billion Terminal 3 modernization was one of the largest U.S. projects to break ground in August. Courtesy of San Francisco International Airport / Karl Nielsen

The construction industry posted mixed results in August as economic pressures and fluctuating interest rates continued to shape activity.

Public infrastructure projects kept nonresidential construction afloat, while private investment remained constrained. Starts posted a strong increase in August, driven by optimism around more rate cuts, but backlog slipped as financing costs ultimately weighed on contractors’ confidence.

Input prices stabilized, offering some relief, while planning activity improved in August.

Overall, the data points to cautious optimism for the months ahead. Read on for the details.

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