US Construction Spending Flat In September

WASHINGTON (Alliance News) - Construction spending in the US came in virtually unchanged in the ...

Alliance News 1 November, 2018 | 2:35PM
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WASHINGTON (Alliance News) - Construction spending in the US came in virtually unchanged in the month of September, according to a report released by the Commerce Department on Thursday.

The Commerce Department said construction spending in September was estimated at an annual rate of USD1.33 trillion, nearly the same as the revised August estimate. Economists had expected spending to inch up by 0.1%.

Reflecting an upward revision, the report showed construction spending climbed by 0.8% in August compared to the previously reported 0.1% uptick.

Construction spending was nearly unchanged in September, as an increase in spending on private construction was offset by a drop in spending on public construction.

The report said spending on private construction rose by 0.3% to a rate of USD1.02 trillion, as spending on residential construction increased by 0.6% and spending on non-residential construction crept up by 0.1%.

On the other hand, spending on public construction spending fell by 0.9% to a rate of USD309.1 billion, partly reflecting a 1.1% slump in spending on highway construction.

the Commerce Department said total construction spending in September was up by 7.2% compared to the same month a year ago.

Copyright RTT News/dpa-AFX

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