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Private Residential Construction Spending Held Firm in September
U.S. construction spending eased backrnslightly in September, to a seasonally adjusted annual rate of $950.92 billion. The U.S. Census Bureau reported that this wasrndown 0.4 percent from the seasonally adjusted number in August of $955.17rnbillion and 2.9 percent higher than the September 2013 rate of $924.15 billion.rn Spending in both private and publiclyrnfunded sectors of construction was lower than in the previous month. </p
On a non-seasonally adjusted basis totalrnconstruction in September was $88.25 billion compared to 88.71 billion inrnAugust and $86.10 billion a year earlier. rnYear-to-date expenditures at the end of September were $710.07 billion,rn6.1 percent more than the $669.34 billion at the same point in 2013.</p
Total private construction was at anrnannual rate of $680.03 billion in September, down 0.1 percent from August butrnup 3.4 percent from a year earlier. ThernAugust estimate was $680.78 billion and the September 2013 number was $657.83rnbillion. Private residential spending</bwas at a rate of $349.10 in September, up 0.4 percent from August’s rate ofrn$347.75 billion and 0.7 percent from the September 2013 rate of $346.55rnbillion.</p
Non-adjusted numbers</p
Private construction in September was atrna non-adjusted rate of $61.13 billion, compared to $60.77 billion in August andrn$59.55 billion one year earlier. To thernend of September there had been $506.77 billion spent in the private sector forrnall types of construction, an increase of 8.6 percent from the previousrnyear. </p
Private residential spending during thernmonth was $32.37 billion, down from $32.64 billion in August but higher thanrnthe $59.55 spent in September 2013. Yearrnto date spending in 2014 was $262.94 billion compared to $246.77 billion, anrnincrease of 6.6 percent. New singlernfamily construction was 11.8 percent higher at the end of September than it wasrnone year earlier and multifamily construction rose 35.0 percent, from $23.307rnbillion to $31,307 billion.</p
Public construction in September was atrna seasonally adjusted annual rate of $270.90 billion, 1.3 percent below the Augustrnestimate of $274.4 billion and up 1.7 percent from a year earlier when it totaledrn266.33 billion. Publicly fundedrnresidential construction was 5.76 billion of the total, an increase of 4.7rnpercent from August and 1.3 percent from September 2013.
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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