According to the U.S. Census Bureau of the Department of Commerce, total construction spending for September 2014 was estimated at a seasonally adjusted annual rate of $950.9 billion. This rate is a decrease of 0.4 percent from the revised August estimate of $955.2 billion. Compared to a year ago, the September rate is up 2.9 percent from that of the September 2013 rate, which was estimated at $924.2 billion. So far this year, construction spending has totaled $710.1 billion, an increase of 6.1 percent compared to the $669.3 billion for the first nine months of 2013.
Private construction spending in September was estimated at a seasonally adjusted annual rate of $680.0 billion, dropping a slight 0.1 percent from the revised August estimate of $680.8 billion. Residential construction spending for September was at a seasonally adjusted annual rate of $349.1 billion, an increase of 0.4 percent from the previous month’s revised estimate of $347.7 billion. Nonresidential construction spending for September was estimated at $331.0 billion, down 0.6 percent from the revised August estimate of $333.0 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $270.9 billion, down 1.3 percent from the revised August estimate of $274.4 billion. Educational construction spending for September was at an adjusted rate of $62.8 billion, remaining unchanged from the revised August estimate of $62.8 billion. Highway construction spending was estimated at an adjusted rate of $79.9 billion for September, dropping 3.7 percent from the revised August estimate of $82.9 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
