Industry News

Real estate construction spending up 9.4%

Projected rate of spending tops trillion mark for second straight month

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Private residential construction spending was at a seasonally adjusted annual rate of $551.6 billion in September, which is 0.2 percent (plus or minus 1.8 percent) below the revised August estimate of $553 billion, the U.S. Census Bureau reported today. That represents a gain of 13.1 percent over the September 2003 seasonally adjusted rate of $487.6 billion. The seasonally adjusted rate projects a monthly construction spending total over a 12-month period. Total U.S. construction put in place spending during September 2004 was estimated at a seasonally adjusted annual rate of $1.01 trillion, nearly the same as the August estimate. The September figure is 8.9 percent (plus or minus 1.9 percent) above the September 2003 estimate of $930.8 billion. During the first nine months of this year, construction spending amounted to $741.2 billion, or 9.4 percent (plus or minus 1.6 percent) above the $677.8 billion reported for the same period in 2003. Spending on all private construction, i...