September Construction Spending Ticks Up 0.4%
Total, private and public construction all grow by 0.4% for month.
The U.S. Census Bureau announced the following value put in place construction statistics for September 2023:
Total Construction
Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4 percent (±1.2 percent)* above the revised August estimate of $1,988.3 billion. The September figure is 8.7 percent (±1.8 percent) 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 percent (±1.2 percent) above the $1,398.9 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,555.9 billion, 0.4 percent (±0.7 percent)* 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 percent (±1.3 percent)* 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 percent (±0.7 percent)* above the revised August estimate of $683.0 billion.
Public Construction
In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, 0.4 percent (±2.1 percent)* above the revised August estimate of $438.7 billion. Educational construction was at a seasonally adjusted annual rate of $94.4 billion, 1.9 percent (±2.5 percent)* above the revised August estimate of $92.7 billion. Highway construction was at a seasonally adjusted annual rate of $131.1 billion, 0.2 percent (±5.3 percent)* below the revised August estimate of $131.4 billion.
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