The U.S. Census Bureau said construction spending during Sept. 2012 was estimated at a seasonally adjusted annual rate of $851.6 billion, 0.6% above the revised August estimate of $846.2 billion. The September figure is 7.8% above the Sept. 2011 estimate of $790.3 billion. During the first nine months of this year, construction spending amounted to $624.8 billion, 8.9% above the $573.7 billion for the same period in 2011.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $580.5 billion, 1.3% above the revised August estimate of $572.8 billion. Residential construction was at a seasonally adjusted annual rate of $285.9 billion in September, 2.8% above the revised August estimate of $278 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.6 billion in September, 0.1% below the revised August estimate of $294.8 billion.
Public construction. In September the estimated seasonally adjusted annual rate of public construction spending was $271.1 billion, 0.8% below the revised August estimate of $273.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.7 billion, 0.8% below the revised August estimate of $67.2 billion.
Ken Simonson, chief economist for Associated General Contractors, Washington, D.C., said in a press release, “It’s heartening to see the growth in total spending, but the progress remains fragile and fragmentary. In the wake of the massive losses from this week’s storm, many construction priorities will be reordered, but overall private and public spending patterns are likely to stick unless federal and state lawmakers devote more funds to construction.”