Residential Construction Was a Bright Spot for September
Posted To: MND NewsWire
Overall construction spending was flat in September, held down by a drop in public sector projects. The U.S. Census Bureau said total expenditures during the month were at a seasonally adjusted annual rate of $1.414 trillion, a 0.3 percent increase from August and up 1.5 percent on an annual basis.
On a non-adjusted basis spending was down slightly, from $130.462 billion in August to $129.103 billion. For the year-to-date (YTD), spending totals $1.059 trillion, growth of 4.1 percent compared to the first nine months of 2019.
The greatest year-over-year gain in spending has been for public safety projects. This spending is up 46.2 percent thus far in 2020, with water supply projects following with a 20.8 percent decline.
The largest YTD decline (-14.0 percent) is for construction related to…(read more)
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