September Spending Stays Strong

Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4 percent above the upward revised August estimate of $1,988.3 billion. The September figure is a healthy 8.7 percent above the September 2022 estimate of $1,836.9 billion. Of note, nonresidential spending saw a large increase over previous month’s levels. During the first nine months of this year, construction spending amounted to $1,463.5 billion, 4.6 percent 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 percent above the downward revised August estimate of $1,549.6 billion. Residential construction was at a seasonally adjusted annual rate of $872.0 billion in September, 0.6 percent above the downward revised August estimate of $866.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $683.9 billion in September, 0.1 percent above the upward revised August estimate of $683.0 billion.

Public Construction

In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, 0.4 percent above the upward 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 percent below the revised August estimate of $131.4 billion.