The first signs of supply chain disruptions, inflationary prices, and labor shortages may have crept into the latest U.S. Census Bureau numbers. Construction spending during September 2021 was estimated at a seasonally adjusted annual rate of $1,573.6 billion, 0.5 percent below the already downward revised August estimate of $1,582.0 billion, with the bulk of the slowdown coming in residential spending. However, the September figure is 7.8 percent above the September 2020 estimate of $1,459.3 billion. During the first nine months of this year, construction spending amounted to $1,177.5 billion, 7.1 percent above the $1,099.8 billion for the same period in 2020.

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