Industry News

Home construction spending takes another hit

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Although the total value of public and private construction spending ticked higher in September, spending on residential construction fell for the 19th straight month, according to data released today by the U.S. Census Bureau. In the private sector, residential construction spending sank 1.4 percent between August and September, falling to a seasonally adjusted annual rate of $511.4 billion compared with $518.6 billion in August. The rate is a projection of a monthly construction spending total over a 12-month period, adjusted to account for seasonal variations in construction spending. Total spending for the public and private sectors during September rose to an estimated seasonally adjusted annual rate of $1.16 trillion, up 0.3 percent from the revised August estimate of $1.159 trillion. September's estimate, however, is still 0.8 percent below the year-ago estimate of $1.17 trillion. During the first nine months of this year, total construction spending amounted to $872.2 billion, ...