Monday, November 3, 2014

Construction Spending Declined in September

Construction spending declined 0.4% in September on a seasonally adjusted basis. Moreover, the level for July was revised down, making the August decline less of a drag then previously reported. Nonetheless, spending in September was 2.9% higher than the year-ago level.

Non-residential construction dropped 1.0% over September, yet was 4.2% above the year-ago level. Spending on power and utility structures drove the monthly decline, shrinking 3.1% from August.

Public construction saw the steepest decline, shrinking 1.3%, yet was up 1.7% from the year-ago level.

Private residential construction grew 0.4% and single family homes grew 1.1% in September.

Read the Census report.

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