Construction spending in September 2023 reached an estimated seasonally adjusted annual rate of $1,996.5 billion, according to the data released by U.S. Census Bureau. This reflects a 0.4% (±1.2%) increase from the revised August estimate of $1,988.3 billion. In comparison to September 2022, the figure is notably higher, with an 8.7% (±1.8%) increase from $1,836.9 billion.
For the first nine months of 2023, total construction spending amounted to $1,463.5 billion, marking a 4.6% (±1.2%) rise from the same period in 2022, where spending was $1,398.9 billion.
Spending on private construction attained a seasonally adjusted annual rate of $1,555.9 billion, indicating a 0.4% (±0.7%) uptick from the revised August estimate of $1,549.6 billion.
Within the private construction sector, residential construction reached a seasonally adjusted annual rate of $872.0 billion in September, marking a 0.6% (±1.3%) increase from the revised August estimate of $866.6 billion. Nonresidential construction also experienced a slight growth, reaching a seasonally adjusted annual rate of $683.9 billion, up by 0.1% (±0.7%) from the revised August estimate of $683.0 billion.
In the public construction domain, the estimated seasonally adjusted annual rate of spending was $440.6 billion in September, showing a 0.4% (±2.1%) increase from the revised August estimate of $438.7 billion.
Breaking down public construction categories, educational construction had a seasonally adjusted annual rate of $94.4 billion in September, representing a 1.9% (±2.5%) increase from the revised August estimate of $92.7 billion. However, highway construction experienced a slight decline, reaching a seasonally adjusted annual rate of $131.1 billion, down by 0.2% (±5.3%) from the revised August estimate of $131.4 billion.
