US September Construction Spending Falls 1.9%, Well Below Forecast
JH Kim
Summary
- US construction spending fell 1.9% in September from a month earlier, far below market expectations.
- Total construction spending in September was estimated at $2.186 trillion on an annualized basis, while private spending fell 2.4% and public spending declined 0.1%.
- August construction spending growth was revised up to 2.0% from 0.9%.
Forecast Trend Report by Period
US construction spending fell 1.9% in September from the previous month, far below market expectations. Spending declined in both the private and public sectors.
Walter Bloomberg reported on November 2 that U.S. construction spending released that day fell 1.9% from a month earlier. That was 2.2 percentage points below market expectations for a 0.3% increase.
Total construction spending was estimated at a seasonally adjusted annual rate of $2.186 trillion.
By sector, private construction spending fell 2.4%, while public construction spending edged down 0.1%.
August construction spending growth was revised up to 2.0% from 0.9%.
JH Kim
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