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By: Kendall Jones on November 1st, 2018

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U.S. Construction Spending Hits $1,329.5 Billion in September

Industry News | Blog Posts

Construction spending increased to a seasonally adjusted annual rate of $1,329.5 billion in September 2018. This is just 0.05% higher than August’s estimate which has been revised up from $1,318.5 billion to $1,328.8 billion. July’s estimate was also revised up slightly from $1,317.4 billion to $1,317.7 billion, per the latest report from the U.S. Census Bureau.

The September estimate for total construction spending is 7.2% above where it was a year ago when the September 2017 estimate was $1,240.4 billion. Total construction put in place (CPIP) for the first nine months of 2018 totaled $982.9 billion. This is a 5.5% increase over the $931.3 billion spent from January through September 2017.

For September, total nonresidential construction spending was down 0.3% to a seasonally adjusted annual rate of $767.1 billion. August’s estimate has been revised up from $762.7 billion to $769.1 billion. July’s estimate was revised back down from $757.7 billion to $755.9 billion. Total nonresidential construction is up 8.9% from a year ago.

Total residential construction was at an estimated seasonally adjusted annual rate of $562.3 billion in September. This is 0.5% above August’s estimate which was revised up from $555.8 billion to $559.7 billion. July’s estimate was revised back up from $559.7 billion to $561.8 billion. Total residential spending has increased by 4.9% over the last year.

Private construction spending increased to a seasonally adjusted annual rate of $1,020.4 billion in September. This is 0.3% higher than August’s estimate which was revised up from $1,001.7 billion to $1,016.9 billion. July’s estimate was revised back up from $1,006.9 billion to $1,012.6 billion. Total private construction spending is up 6.1% over the last 12 months.

During September, private nonresidential construction was at a seasonally annual adjusted rate of $463.9 billion. This is 0.1% higher than August’s estimate which was revised up from $452.9 billion to $463.5 billion. July’s estimate for private nonresidential construction was also revised up from $453.9 billion to $457.2 billion. Private nonresidential construction spending has increased by 7.2% over the past year.

Private residential construction spending was at a seasonally adjusted annual rate of $556.4 billion in September. This is 0.6% higher than August’s estimate which has been revised up from $548.9 billion to $553.4 billion. July's estimate was revised back up from $553.0 billion to $555.4 billion. September’s annual rate for private residential construction is up 5.1% over the last year.

The seasonally adjusted annual rate for public construction spending in September fell to an estimated $309.1 billion. This is 0.9% lower than August’s estimate which was revised down from $316.7 billion to $312.0 billion. July’s estimate was revised back down from $310.5 billion to $305.1 billion. September’s seasonally adjusted annual rate of public construction spending was up 11.0% from a year ago when the September 2017 estimate was $271.8 billion.