Construction spending fell 0.4% in September to a seasonally adjusted annual level (SAAL) of $1,150 billion, according to the Census Bureau. August’s spending estimate was revised up to a rate of $1,154 billion. During the first nine months of the year, construction spending amounted to $863 billion, up 4.4% from the first nine months of 2015.
Total private construction fell to $880 billion SAAL, down 0.2% from the revised August estimate of $881.6 billion.
Private residential construction was $454 billion SAAL, 0.5% above August’s rate.
Private nonresidential construction fell 1.0% to $426 billion, largely due to declines in commercial construction projects.
Public construction fell 0.9% to $270 billion SAAL, largely due to declines in educational and highway construction projects.
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