Construction Spending Inched Up 0.2% in September

Washington, DC, November 1, 2022-Construction spending during September 2022 was estimated at a seasonally adjusted annual rate of $1,811.1 billion, 0.2% above the revised August estimate of $1,807.0 billion, according to the U.S. Census Bureau.

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.

Spending on private construction was at a seasonally adjusted annual rate of $1,450.3 billion, 0.4% above the revised August estimate of $1,444.9 billion. Residential construction was at a seasonally adjusted annual rate of $918.0 billion in September, virtually unchanged from the revised August estimate of $918.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $532.3 billion in September, 1.0% above the revised August estimate of $526.9 billion.

In September, the estimated seasonally adjusted annual rate of public construction spending was $360.9 billion, 0.4% below the revised August estimate of $362.1 billion. Educational construction was at a seasonally adjusted annual rate of $78.2 billion, virtually unchanged from the revised August estimate of $78.2 billion. Highway construction was at a seasonally adjusted annual rate of $108.4 billion, 1.7% above the revised August estimate of $106.6 billion.