Construction spending rises over 8.5% YOY
Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4% (±1.2%)* above the revised August estimate of $1,988.3 billion.
The September figure is 8.7% (±1.8%) above the September 2022 estimate of $1,836.9 billion. During the first nine months of this year, construction spending amounted to $1,463.5 billion, 4.6% (±1.2%) above the $1,398.9 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,555.9 billion, 0.4% (±0.7%)* above the revised August estimate of $1,549.6 billion. Residential construction was at a seasonally adjusted annual rate of $872.0 billion in September, 0.6 percent (±1.3 percent)* above the revised August estimate of $866.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $683.9 billion in September, 0.1% (±0.7%)* above the revised August estimate of $683.0 billion.
Public Construction
In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, 0.4% (±2.1%)* above the revised August estimate of $438.7 billion. Educational construction was at a seasonally adjusted annual rate of $94.4 billion, 1.9% (±2.5% )* above the revised August estimate of $92.7 billion. Highway construction was at a seasonally adjusted annual rate of $131.1 billion, 0.2% (±5.3% )* below the revised August estimate of $131.4 billion.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
