Industry News

Real estate construction spending rises in September

Residential sector posts seasonally adjusted increase of $6 billion

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The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2005 was estimated at a seasonally adjusted annual rate of about $1.12 trillion, or 0.5 percent above the revised August estimate. The September figure is about 6.8 percent above the September 2004 estimate. The seasonally adjusted annual rate is based on a monthly total that is projected over a 12-month period, adjusted for seasonal fluctuations. During the first nine months of this year, construction spending amounted to about $827.6 billion, or 8.8 percent above the $760.9 billion for the same period in 2004. Spending on private construction was at a seasonally adjusted annual rate of about $871.5 billion, or 0.6 percent above the revised August estimate of $866.1 billion. Residential construction was at a seasonally adjusted annual rate of about $624.3 billion in September, 1 percent above the revised August estimate of $618.2 billion. Nonresidential construction wa...