Total US Construction Spending Up Month-Over-Month and Year-Over-Year in September

On Tuesday (11-1-22), the US Census Bureau reported that total construction spending during September was estimated at a seasonally adjusted annual rate (SAAR) of $1,811.1 billion, 0.2% above the revised August estimate of $1,807.0 billion. The September figure is 10.9% above the September 2021 estimate of $1,632.9 billion.

During the first nine months of this year, construction spending amounted to $1,353.7, billion, 11.4% above the $1,215.6 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,450.3 billion, 0.4% below the revised August estimate of $1,444.9 billion. Residential construction was at a SAAR of $918.0 billion, unchanged from the revised August estimate of $918.0 billion. Nonresidential construction was at a SAAR of $532.3 billion, 1.0% above the revised August estimate of $526.9 billion.

The estimated SAAR of public construction spending was $360.9 billion, 0.4% below the revised August estimate of $362.1 billion. Educational construction was at a SAAR of $78.2 billion, unchanged from the revised August estimate of $78.2 billion. Highway construction was at a SAAR of $108.4 billion, 1.7% below the revised August estimate of $106.6 billion.