September Construction Spending Up

The U.S. Census Bureau of the Department of Commerce announced that construction spending during September 2012 was estimated at a seasonally adjusted annual rate of $851.6 billion, 0.6 percent (±2.1 percent) above the revised August estimate of $846.2 billion. The September figure is 7.8 percent (±2.1 percent) above the September 2011 estimate of $790.3 billion.

During the first nine months of this year, construction spending amounted to $624.8 billion, 8.9 percent (±1.3 percent) above the $573.7 billion for the same period in 2011.

Spending on private construction was at a seasonally adjusted annual rate of $580.5 billion, 1.3 percent (±1.3 percent) above the revised August estimate of $572.8 billion. Residential construction was at a seasonally adjusted annual rate of $285.9 billion in September, 2.8 percent (±1.3 percent) above the revised August estimate of $278.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.6 billion in September, 0.1 percent (±1.3 percent) below the revised August estimate of $294.8 billion.

In September, the estimated seasonally adjusted annual rate of public construction spending was $271.1 billion, 0.8 percent (±3.1 percent) below the revised August estimate of $273.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.7 billion, 0.8 percent (±3.6 percent) below the revised August estimate of $67.2 billion. Highway construction was at a seasonally adjusted annual rate of $78.4 billion, 1.6 percent (±7.4 percent) below the revised August estimate of $79.6 billion.