U.S. Construction Spending in September Rose 7.8% Year-Over-Year But Fell Slightly Month-Over-Month

The U.S. Census Bureau announced on Monday (11-1-21) that total construction spending during September 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,573.6 billion, -0.05% below the revised August estimate of $1,582.0 billion. The September figure is 7.8% above the September 2020 estimate of $1,459.3.0 billion.

During the first 9 months of this year, construction spending amounted to $1,177.5 billion, 7.1% above the $1,099.8 billion for the same period in 2020.

Private construction spending was at a SAAR of $1,229.9 billion, -0.5% below the revised August estimate of $1,236.1 billion. Residential construction was at a SAAR of $773.5 billion in September, -0.4% below the revised August estimate of $776.8 billion.

Nonresidential construction was at a SAAR of $456.4 billion in September, -0.6% below the revised August estimate of $459.3 billion. The estimated SAAR of public construction spending was $343.7 billion, which was -0.7% below the revised August estimate of $345.9 billion. Educational construction was at SAAR of $80.7 billion, 0.9% above the revised August estimate. Highway construction was at a SAAR of $99.8 billion, -0.7% below the August estimate.