Construction spending during September 2017 was estimated at a seasonally adjusted annual rate of $1,219.5 billion, 0.3% above the revised August estimate of $1,216 billion, according to the U.S. Commerce Dept. The September figure is 2% above the September 2016 estimate of $1,195.6 billion. During the first nine months of this year, construction spending amounted to $917 billion, 4.3% above the $879.6 billion for the same period in 2016.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $942.7 billion, 0.4% below the revised August estimate of $946.2 billion. Residential construction was at a seasonally adjusted annual rate of $515.4 billion in September, nearly the same the revised August estimate of $515.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $427.3 billion in September, 0.8% below the revised August estimate of $430.6 billion and 3.4% below August 2016. At $82.9 billion, commercial construction was down -1% for the month, but is still up an impressive 11.7% year-over-year.
Public construction. In September, the estimated seasonally adjusted annual rate of public construction spending was $276.8 billion, 2.6% above the revised August estimate of $269.8 billion. Educational construction was at a seasonally adjusted annual rate of $71.9 billion, 5.2% above the revised August estimate of $68.3 billion. Highway construction was at a seasonally adjusted annual rate of $84.3 billion, 1.1% above the revised August estimate of $83.4 billion.