Industry News

Residential construction spending dips 6.9%

More money spent on schools, less on highways in September
Published on Nov 1, 2006

The rate of spending on residential construction dropped about 6.9 percent in September compared to September 2005, according to a report today by the U.S. Census Bureau of the Department of Commerce. Residential construction spending was at a seasonally adjusted annual rate of about $610 billion in September, down 1.1 percent from the revised August estimate. And private, nonresidential construction was at a seasonally adjusted annual rate of about $312.7 billion in September, which is 0.1 percent above the revised August estimate and 19.2 percent above the September 2005 rate. Construction spending during September 2006 was estimated at a seasonally adjusted annual rate of $1.2 trillion, or 0.3 percent below the revised August estimate and 2.9 percent above the September 2005 estimate. During the first nine months of this year, total construction spending amounted to about $903.2 billion, or 6.6 percent above spending in the same period in 2005. The estimated seasonally adjusted an...

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