September Construction Spending Unchanged Since August But Up +4.6% YOY

Construction spending during Sept. 2024 was estimated at a seasonally adjusted annual rate of $2,148.8 billion, +0.1%  above the revised August estimate of $2,146 billion. The Dept. of Census said the September figure is +4.6%  above the Sept. 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.

Private construction

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 billion in September, -0.1%  below the revised August estimate of $741 billion.
The construction categories with the largest year-over-year (YOY) increases were Data centers (+48.3%); Air (+44.6%); Plastic/Rubber (+43.5%); Fabricated metal (+32.3%); and Transportation equipment (+32%%).

Public construction

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.