September Construction Up Slightly Over August But is Down 11.2 Percent YTY

The U.S. Census Bureau reported that construction spending during September 2010 was estimated at a seasonally adjusted annual rate of $801.7 billion, 0.5 percent above the revised August estimate of $797.5 billion. The September figure is 10.4 percent below the September 2009 estimate of $894.8 billion. During the first nine months of this year, construction spending amounted to $612.6 billion, 11.2 percent below the $689.9 billion for the same period in 2009.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $482 billion, nearly the same as the revised August estimate of $481.9 billion. Residential construction was at a seasonally adjusted annual rate of $242.2 billion in September, 1.8 percent above the revised August estimate of $237.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $250.3 billion in September, 1.6 percent below the revised August estimate of $254.3 billion.

Office construction was up 1.6 percent for the month but is way off from September 2009 (-24.5%).

Public construction. In September, the estimated seasonally adjusted annual rate of public construction spending was $319.7 billion, 1.3 percent above the revised August estimate of $315.5 billion. Educational construction was at a seasonally adjusted annual rate of $78.1 billion, 1.6 percent above the revised August estimate of $76.9 billion. Highway construction was at a seasonally adjusted annual rate of $84.9 billion, 0.1 percent below the revised August estimate of $85 billion. Manufacturing construction was down 3.5 percent for the month and was off 35.5 percent YTY.