Updated: 01-Nov-24 10:29 ET
| September Construction Spending |
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| Updated: 01-Nov-24 10:29 ET |
Highlights
- Total construction spending increased 0.1% month-over-month in September (Briefing.com consensus 0.0%) following an upwardly revised 0.1% increase (from -0.1%) in August.
- Total private construction was flat month-over-month while total public construction was up 0.5% month-over-month.
- On a year-over-year basis, total construction spending was up 4.6%.
Key Factors
- Total residential spending increased 0.2% month-over-month while nonresidential spending increased 0.1% month-over-month.
- In private construction, residential spending rose 0.2%, led by a 0.4% increase in new single-family construction. New multifamily construction was down 0.1%. Nonresidential spending declined 0.1%, paced by a 0.2% decline in manufacturing spending and a 0.1% decline in power spending.
- In public construction, nonresidential spending increased 0.4% month-over-month, led by a 0.5% increase in highway and street spending.
Big Picture
- The key takeaway from the report is that private construction activity was subdued in September.
| Category | SEP | AUG | JUL | JUN | MAY |
| Nominal (Current) Dollars | |||||
| Total Construction | 0.1% | 0.1% | 0.0% | -1.1% | 0.2% |
| Private | 0.0% | 0.2% | -0.5% | -1.4% | 0.3% |
| Residential | 0.2% | 0.3% | -0.3% | -3.1% | 0.4% |
| Nonresidential | -0.1% | 0.0% | -0.7% | 0.8% | 0.1% |
| Public | 0.5% | 0.0% | 1.4% | -0.2% | 0.1% |
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