Construction Spending Growing Slightly

U.S. construction spending is increasing-two months in a row now-but not by much.

Construction spending in September was at a seasonally adjusted annual rate of $787.2 billion, 0.2 percent above the revised August estimate of $786.0 billion, according to the latest figures from the U.S. Department of Commerce. The September figure is 1.3 percent below the September 2010 estimate of $797.3 billion. During the first 9 months of 2011, construction spending amounted to $580.9 billion, 3.5 percent below the $602.0 billion for the same period in 2010.

Private construction spending was at a seasonally adjusted annual rate of $501.8 billion, 0.6 percent above the revised August estimate of $499.0 billion. Residential construction was at a rate of $228.3 billion in September, 0.9 percent above the revised August estimate of $226.3 billion.