US Construction Spending Increases Month-Over-Month and Year-Over-Year in September

On Wednesday (11-1-23), the US Census Bureau reported that total construction spending during September was estimated at a seasonally adjusted annual rate (SAAR) 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 2023, construction spending amounted to $1,463.5 billion, 4.6% above the $1,398.9 for the same period in 2022.

Private construction spending in August was at a SAAR of $1,555.9 billion, 0.4% above the revised August estimate of $1,549.6 billion. Residential construction was at a SAAR of $872.0 billion in September, 0.6% above the revised August estimate of $866.6 billion. Nonresidential construction was at a SAAR of $683.9 billion in September, 0.1% above the revised August estimate of $683.0 billion.

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. Educational construction was at a SAAR of $94.4 billion, 1.9% above the revised August estimate of $92.7 billion. Highway construction was at a SAAR of $131.1 billion, 0.2% below the revised August estimate of $131.4 billion.