Total U.S. construction spending had a modest increase for a second straight month in September, according to figures shared Nov. 1 by the U.S. Census Bureau.
Spending in September was estimated at a seasonally adjusted annual rate of $2.148 trillion, 0.1% above the revised August estimate. Economists at the Wall Street Journal had forecast no growth spending in September.
U.S. Construction Spending: Month-Over-Month % Change through September 2024
source: tradingeconomics.com
The September figure was up 4.6% year-over-year.
Year-to-date, spending through the first nine months of 2024 was 7.6% above the same period in 2023.
Private Construction
September spending on private construction was at a seasonally-adjusted annual rate of $1.653 trillion, unchanged from the revised August estimate. Residential construction was at a rate of $912.2 billion, 0.2% above the revised August estimate, while nonresidential construction’s rate of $740 billion was down 0.1%.
Public Construction
September spending on public construction was at a seasonally-adjusted annual rate of $495.2 billion, 0.5% above the revised August estimate. Education construction was at a rate of $104.2 billion, 0.3% above the revised August estimate, while highway construction’s rate of $141 billion was up 0.5%.
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