U.S. Construction Spending Falls Sharply in September
Written with artificial intelligence.
U.S. construction spending totaled $2.186 trillion in September, marking a 1.9% decline from August's revised figure of $2.227 trillion. This drop was significantly more than analysts had anticipated, as they forecasted a 0.4% increase.
Overview of Construction Spending
In September, construction spending in the United States reached $2.186 trillion, which represents a 1.9% decrease compared to the revised figure of $2.227 trillion from August. This data, released by the U.S. Department of Commerce on November 2, indicates a steeper decline than the expected 0.4% increase projected by analysts. Year-over-year, spending has decreased by 2.7%.
Private Sector Insights
Within the private sector, construction expenditures totaled $1.639 trillion, down 2.4% from the revised August numbers. Notably, residential construction spending fell by 5.5%, while non-residential construction experienced a slight uptick of 1.1%.
Public Sector Spending
On the public side, construction spending amounted to $546.8 billion in September, a slight decrease of 0.1% from the previous month. Spending in the education sector remained unchanged, while expenditures for highway construction saw a decline of 0.3%.