U.S. Commerce Dept. Reports Increase in New Construction to $787.2 Billion

The U.S. Census Bureau of the Department of Commerce estimated that construction spending during September 2011 hit a seasonally adjusted annual rate of $787.2 billion, 0.2 percent above the revised August estimate of $786 billion. The September figure is 1.3 below the Sept. 2010 estimate of $797.3 billion. During the first nine months of 2011, construction spending amounted to $580.9 billion, 3.5 percent below the $602 billion for the same period in 2010.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $501.8 billion, 0.6 percent above the revised August estimate of $499 billion. Residential construction was at a seasonally adjusted annual rate of $228.3 billion in September, 0.9 percent above the revised August estimate of $226.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $273.5 billion in September, 0.3 percent above the revised August estimate of $272.8 billion.

Public construction. In September, the seasonally adjusted annual rate of public construction spending was $285.4 billion, 0.6 percent below the revised August estimate of $287 billion. Educational construction dropped to $73.3 billion, 0.9 percent below the revised August estimate of $73.9 billion.