Construction spending missed estimates in September

Total Construction 

Construction spending during September 2020 was estimated at a seasonally adjusted annual rate of $1,414.0 billion, 0.3 percent (±1.0 percent)* above the revised August estimate of $1,410.4 billion. The September figure is 1.5 percent (±1.3 percent) above the September 2019 estimate of $1,393.3 billion. During the first nine months of this year, construction spending amounted to $1,058.5 billion, 4.1 percent(±1.0 percent) above the $1,016.7 billion for the same period in 2019.

Private Construction 

Spending on private construction was at a seasonally adjusted annual rate of $1,074.9 billion, 0.9 percent(±0.7 percent) above the revised August estimate of $1,065.6 billion. Residential construction was at a seasonally adjusted annual rate of $610.9 billion in September, 2.8 percent (±1.3 percent) above the revised August estimate of $594.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $464.1 billion in September, 1.5 percent (±0.7 percent) below the revised August estimate of $471.3billion.

Public Construction 

In September, the estimated seasonally adjusted annual rate of public construction spending was $339.1billion, 1.7 percent (±1.5 percent) below the revised August estimate of $344.8 billion. Educational construction was at a seasonally adjusted annual rate of $85.3 billion, 2.0 percent (±1.8 percent) above the revised August estimate of $83.7 billion. Highway construction was at a seasonally adjusted annual rate of $89.3 billion, 5.4 percent (±4.1 percent) below the revised August estimate of $94.5 billion.