Construction Spending Grew 0.3% in September

Construction spending grew 0.3% to a seasonally adjusted annual level (SAAL) of $1,219.5 billion, in September, according to the Census Bureau. August’s spending estimate was revised down to a rate of $1,216.0 billion. September’s figure is 2.0% greater than the September 2016 estimate of $1,195.6 billion.

Total private construction, down for the third straight month, was $942.7 billion SAAL, a 0.4% decrease from the revised August estimate of $946.2 billion. Total private construction is 3.1% higher than the September 2016 figure.

Private residential construction was $515.4 billion SAAL, unchanged from August’s downwardly revised rate. September’s figure was 9.6% greater than its September 2016 estimate.

Private nonresidential construction was $427.3 billion, 0.8% below August’s downwardly revised estimate. September’s estimate is 3.8% less than the September 2016 figure.

Public construction increased 2.6% to $276.8 billion SAAL. September’s figure is 1.6% below the September 2016 estimate.

Read the Census release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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