Construction spending is viewed as a good indicator of the economy’s momentum because individuals, businesses and our governments generally only put money into construction when they are confident to justify the building expenses (that might not be as true with respect to our local-, state- and federal-government, but that’s another topic).
On November 1st, it was reported that:
Total Construction
- Construction spending during September 2022 was $1,811.1 billion
- That was 0.2% above August’s numbers
- The September figure is 10.9% above September 2021
- During the first nine months of this year, construction spending amounted to $1,353.7 billion
- This was 11.4% above the same period in 2021
Private Construction
- Spending on private construction was $1,450.3 billion
- This was 0.4% above August’s numbers
- Residential construction was $918.0 billion in September
- This was virtually unchanged from August
- Nonresidential construction was $532.3 billion in September
- This was 1.0% above August’s numbers
Public Construction
- In September, the annual rate of public construction spending was $360.9 billion
- This was 0.4% below August’s numbers
- Educational construction was $78.2 billion
- This was virtually unchanged from August
- Highway construction was $108.4 billion
- This was 1.7% above August’s numbers
Residential Construction Spending Past 20 Years
More Data Later This Week
More economic data will be released later this week, including Motor Vehicle Sales and MBA Mortgage Applications on Wednesday; Jobless Claims, Factory Orders, and PMI Composite Final data on Thursday; and the Employment Situation Report on Friday.
Sources: census.gov
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