Construction Spending A Touch Higher

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WASHINGTON, Nov. 1 (UPI) — Construction spending for September was 0.2 percent above August’s revised estimate of $786 billion, the U.S. Census Bureau reported Tuesday.

Spending on private and public projects for September reached $787.2 billion, the monthly construction spending report said.

Spending for September came in 1.3 percent below September 2010, when spending came to $797.3 billion.

Spending on private construction was at a seasonally adjusted annual rate of $501.8 billion, 0.6 percent above the revised August estimate of $499 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $228.3 billion in September, 0.9 percent above the revised August estimate of $226.3 billion. Non-residential construction was at a seasonally adjusted annual rate of $273.5 billion in September, 0.3 percent above the revised August estimate of $272.8 billion.

The estimated seasonally adjusted annual rate of public construction spending in August was $285.4 billion, 0.6 percent lower than the revised August estimate of $287 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $73.3 billion, 0.9 percent below the revised August estimate of $73.9 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $80.3 billion, 1.4 percent above the revised August estimate of $79.2 billion.

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