The U.S. Census Bureau reported Monday morning that construction spending in September decreased by 0.4% to an estimated seasonally adjusted annual rate of $950.9 billion from the revised estimate of $955.2 billion in August. Compared with September 2013, spending is up 2.9%.
For the first nine months of 2014, new construction spending was up 6.1% at an estimated total of $710.1 billion, compared with the nine-month total of $669.3 billion in 2013.
The consensus estimate by economists surveyed by Bloomberg News called for a rise of 0.6% in construction spending for September.
The seasonally adjusted annual rate of spending on private residential construction rose 0.4% to $349.1 billion, compared with the revised August total of $347.7 billion. Private nonresidential construction slipped 1% month-over-month, and total private construction spending fell 0.1% to $680.0 billion from a revised August total of $680.8 billion.
In the private sector, single family residential construction was 9.8% higher than it was a year ago, and multifamily construction was up 25.7% from September 2013. Private, nonresidential construction was up 4.2% year-over-year and down 1% from August.
In the public sector, seasonally adjusted total spending was up 1.7%, compared with September 2013, and down 1.3% compared with August 2014. Spending on educational facilities rose 0.1% month-over-month and 8.4% from September 2013 spending. Public residential construction rose 4.7% month-over-month and 1.3% compared with September 2013.
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