With a rise of 0.6% in September, thanks to a surge in apartment construction, U.S. construction spending has reached its highest level since March 2008. Construction rose to a seasonally adjusted annual rate of $1.09 trillion, according to the Commerce Department report.
Apartment and condo construction rose 4.9% for the month while single-family home construction was up 1.3%. Overall, private residential construction was at its highest level since January 2008. Other sectors that saw increases in construction spending in September included:
- Public construction (0.7%)
- Educational/institutional construction (2.4%)
- Water supply facilities construction (4.8%)
- Churches/religious building construction (5.6%)
Nonresidential construction declined 0.1% in September while federal construction spending fell 1%.
(more on the September U.S. construction spending report...)
