Residential Construction Rose in September

By:: Kirk Haverkamp | November 01, 2010

Residential construction spending picked up in September, increasing a seasonally adjusted 1.8 percent from August, according to figures released this morning by the Commerce Department.

Private residential construction was estimated at a seasonally adjusted annual rate of $231.7 billion, up from $227.6 billion in August. The August rate was the lowest rate of private residential construction reported since October 1995.

Total construction increased 0.5 percent for the month, with overall private construction remaining unchanged. Total construction was estimated at an annual rate of $801.7 billion, up from $797.5 billion in August.

Nonresidential private construction declined by 1.6 percent, to an annual rate of $250.3 billion. The biggest declines were a 7.7 percent drop in office construction and a 4.8 percent decline in manufacturing construction. Private construction on amusement and recreation was up 4.3 percent, the only sector in the group to grow at an annual rate of more than 0.7 percent.

Public construction was up 1.3 percent to $319.7 billion, with a 1.6 percent increase in educational construction. Highway construction declined 0.1 percent for the month, to an annual rate of $84.9 billion, despite the availability of federal stimulus road funds, which many states have been slow to utilize. Other forms of transportation construction were up 5.1 percent, to an annual rate of $32.9 billion.

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