Construction spending during September 2009 was estimated at a seasonally adjusted annual rate of $940.3 billion, 0.8 percent above the U.S. Census Bureau’s revised August estimate of $933 billion, but 13 percent below the September 2008 estimate of $1,081.2 billion. During the first nine months of this year, construction spending amounted to $715.2 billion, 12.1 percent below the $813.3 billion for the same period in 2008.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $613.9 billion, 0.5 percent above the revised August estimate of $610.9 billion. Residential construction was at a seasonally adjusted annual rate of $256 billion in September, 3.9 percent above the revised August estimate of $246.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $357.9 billion in September, 1.8 percent below the revised August estimate of $364.5 billion.
Public construction. In September, the estimated seasonally adjusted annual rate of public construction spending was $326.4 billion, 1.3 percent above the revised August estimate of $322.1 billion. Several segments of the public construction market showed positive signs of growth, both month-to-month and year-to-year. Educational construction was at a seasonally adjusted annual rate of $88.7 billion, 0.1 percent below the revised August estimate of $88.8 billion, but 3.8 percent above September 2008. Public office construction was up 0.8 percent for the month and 7.1 percent YTY, and public health-care construction was up 5.1 percent for the month and 23.0 percent YTY.