Construction spending grew 0.6 percent in September to $1,094.2 billion (SAAR). August’s spending estimate was revised up slightly to $1.087.5 billion (0.7 percent growth). Construction spending during the first 9 months of 2015 amounted to $786.6 billion, 10.5 percent higher than in the first 9 months of 2014.
Total private construction spending rose to $794.2 billion (SAAR), 0.6 percent above the revised August estimate of $789.7 billion.
Private residential construction spending rose to a seasonally adjusted annual rate of $394.7 billion, up 1.9 percent from August’s estimate, as construction of single and multifamily units increased by 1.3 percent and 4.9 percent respectively.
Private non-residential construction fell 0.7 percent to a seasonally adjusted annual rate of $399.5 billion, as construction related to power, lodging, commercial development, and other segments fell.
Public construction spending grew 0.7 percent to $300.0 billion (SAAR), after falling in August. Construction related to education posted strong increases in September, rising 2.4 percent from August to $69.1 billion in September.
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