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Updated: November 2nd, 2009 02:48 PM EDT
U.S. Census Bureau Department of Commerce
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2009 was estimated at a seasonally adjusted annual rate of $940.3 billion, 0.8 percent (±1.8%)* above the revised August estimate of $933.0 billion. The September figure is 13.0 percent (±1.9%) below the September 2008 estimate of $1,081.2 billion.
During the first 9 months of this year, construction spending amounted to $715.2 billion, 12.1 percent (±1.3%) below the $813.3 billion for the same period in 2008.
Spending on private construction was at a seasonally adjusted annual rate of $613.9 billion, 0.5 percent (±1.1%)* above the revised August estimate of $610.9 billion. Residential construction was at a seasonally adjusted annual rate of $256.0 billion in September, 3.9 percent (±1.3%) above the revised August estimate of $246.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $357.9 billion in September, 1.8 percent (±1.1%) below the revised August estimate of $364.5 billion.
In September, the estimated seasonally adjusted annual rate of public construction spending was $326.4 billion, 1.3 percent (±2.9%)* above the revised August estimate of $322.1 billion. Educational construction was at a seasonally adjusted annual rate of $88.7 billion, 0.1 percent (±3.4%)* below the revised August estimate of $88.8 billion. Highway construction was at a seasonally adjusted annual rate of $85.5 billion, 1.0 percent (±7.8%)* above the revised August estimate of $84.6 billion.
* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.