Construction Spending Sees Small 0.3% Increase in September
Construction spending increased 0.3% in September to a seasonally adjusted annual rate of $1,219.5 billion, according to the latest report from the U.S. Census Bureau. August’s estimate was revised up from $1,212.3 billion to $1,216.0 billion and July’s estimate was revised down sharply from $1,226.4 billion to $1,215.4 billion. Construction spending for September 2017 is up 2.0% from a year ago when the September 2016 seasonally adjusted annual rate for construction spending was $1,195.6 billion.
Construction spending from January through September totaled $917.0 billion. This is 4.3% above the $879.6 billion spent during the first three quarters of 2016.
Total nonresidential construction was at a seasonally adjusted annual rate of $698.1 billion in September, which is 0.5% above August’s estimate of $694.7. September’s nonresidential construction spending estimate is 2.9% below the September 2016 estimate of $719.3 billion.
In September, total residential construction was at an estimated seasonally adjusted annual rate of $521.4 billion, practically unchanged from August’s revised estimate of $521.3 billion and 9.5% higher year over year. The total estimate for residential construction in September 2016 was $476.4 billion.
Total private construction spending in September decreased 0.4% to a seasonally adjusted annual rate of $942.7 billion. August’s estimate was revised up down $954.8 billion initially to $946.2 billion and July’s estimate was revised down from $950.5 billion to $947.5 billion. Total private construction spending is 3.1% above September 2016’s estimate of $914.3 billion.
Private nonresidential construction was down 0.8% for the month and 3.8% lower than a year ago. September’s estimate for private residential spending was $427.3 billion. August’s estimate was revised up down from $433.9 billion to $430.6 billion and July’s estimate was revised up from $432.0 billion to $433.7 billion.
Private residential construction spending was at a seasonally adjusted annual rate of $515.4 billion for September. This is virtually unchanged from August’s estimate which has been revised down from $520.9 billion to $515.6 billion. July’s estimate for private nonresidential construction has been revised down from $518.6 billion to $513.8 billion.
The seasonally adjusted annual rate for public construction spending was estimated at $276.8 billion in September. This is 2.6% higher than August’s estimate which has been revised up from $263.5 billion to $269.8 billion. July’s estimate was revised up again from $261.7 billion to $267.8 billion. Public construction spending is 1.6% lower than it was a year ago. The September 2016 estimate for public construction was $281.4 billion.