Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4% above the revised August estimate of $1,988.3 billion. The September figure is 8.7% above the September 2022 estimate of $1,836.9 billion. During the first nine months of this year, construction spending amounted to $1,463.5 billion, 4.6% above the $1,398.9 billion for the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,555.9 billion, 0.4% above the revised August estimate of $1,549.6 billion. Residential construction was at a seasonally adjusted annual rate of 872.0 billion in September, 0.6% above the revised August estimate of $866.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $683.9 billion in September, 0.1% above the revised August estimate of $683.0 billion.
In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, 0.4% above the revised August estimate of $438.7 billion.
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