Construction Spending Rises in September
Washington, DC, Nov. 1, 2011 -- Construction spending rose 0.2% in September, the Commerce Department reported Tuesday.
The increase put spending on building at a seasonally adjusted annual rate of $787.2 billion, below the $799.6 billion level reached in June.
Year-over-year, construction spending is down 1.3%.
Spending in August was revised up to a 1.6% gain compared with the initial estimate of a 1.4% increase.
However, spending in July was revised to a 3.3% drop compared with the prior estimate of a 1.4% decline.
In September, spending on private construction paced the increase, rising 0.6% for the second straight month.
Residential construction rose 0.9%. Spending on public projects fell 0.6% in September after jumping 3.5% in the previous month.
School construction fell 0.9% in the month. Spending by the federal government fell 6.8% in September, the most since last December.