Construction Spending Still Riding High in September at $1,996.5 Billion, Up +8.7% YOY

Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, +0.4% above the revised August estimate of $1,988.3 billion. According to the latest data from the U.S. Census Bureau, the September figure is +8.7% above the Sept. 2022 estimate of $1,836.9 billion. During the first nine months of this year, construction spending amounted to $1,463.5 billion, +4.6% above the $1,398.9 billion for the same period in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,555.9 billion, +0.4% above the revised August estimate of $1,549.6 billion. Residential construction was at a seasonally adjusted annual rate of $872 billion in September, +0.6% above the revised August estimate of $866.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $683.9 billion in September, +0.1% above the revised August estimate of $683.0 billion.

Private manufacturing, for months the hottest individual construction category, showed a small decrease of -0.4% to $198.5 billion, but is still up +62.5% YOY.

Public construction

In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, +0.4% above the revised August estimate of $438.7 billion. Educational construction was at a seasonally adjusted annual rate of $94.4 billion, +1.9% percent above the revised August estimate of $92.7 billion. Highway construction was at a seasonally adjusted annual rate of $131.1 billion, -0.2% below the revised August estimate of $131.4 billion.