US construction spending for September 2021
- US construction spending for September came in weaker than expected at -0.5% versus +0.4% estimate
- Total spending $1573.6 billion versus revised August of $1582.0 billion.
- Private construction came in at $1229.9 billion -0.5% versus August
- Private residential construction came in at $773.5 billion -0.4% on the month
- Private nonresidential construction came in at $456.4 billion -0.6% MoM.
- Public construction came in at $343.7 billion -0.7% MoM.
- Public educational construction $80.7 billion +0.9% MoM
- Highway construction $99.8 billion -0.7% MoM
Versus a year ago:
- Total construction is up 7.8% versus 8.9% last month
- Total private construction is up 11.1% year on year (versus +13% last month). Residential single-family home construction is up 30.4% year on year while multi family homes are up 10.5%
- Total public construction is down -2.4% year on year. Education construction is down -6.0%. Transportation is down -6.9%. Highways and streets are up 7.1% and sewage and waste disposal is up 6.6%
Construction spending is worse than expected assuming some sort of infrastructure stimulus passing, public construction should see a boost. Total public construction is down -2.4% year on year.
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