Construction Spending Rose 0.1% in September

Washington, DC, November 1, 2024-Construction spending during September 2024 was estimated at a seasonally adjusted annual rate of $2,148.8 billion, 0.1% above the revised August estimate of $2,146.0 billion, according to the U.S. Census Bureau.

The September figure is 4.6% above the September 2023 estimate of $2,055.2 billion. During the first nine months of this year, construction spending amounted to $1,621.4 billion, 7.3% above the $1,511.4 billion for the same period in 2023.

Spending on private construction was at a seasonally adjusted annual rate of $1,653.6 billion, virtually unchanged from the revised August estimate of $1,653.2 billion. Residential construction was at a seasonally adjusted annual rate of $913.6 billion in September, 0.2% above the revised August estimate of $912.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $740.0 billion in September, 0.1% below the revised August estimate of $741.0 billion.

In September, the estimated seasonally adjusted annual rate of public construction spending was $495.2 billion, 0.5% above the revised August estimate of $492.9 billion. Educational construction was at a seasonally adjusted annual rate of $104.2 billion, 0.3% above the revised August estimate of $103.9 billion. Highway construction was at a seasonally adjusted annual rate of $141.0 billion, 0.5% above the revised August estimate of $140.3 billion.