Construction Spending Unexpectedly Rises in September

Construction spending beat economist expectations with a slight gain in September, according to the latest data from Census Bureau.

  • M-O-M: Construction spending was up 0.2% to an estimated seasonally adjusted annual rate of $1.81 trillion in September.
  • Y-O-Y: Construction spending was up 10.9% when compared to the same time last year.

Better Than Expected. Economists had projected that spending would fall 0.5% in September.

Residential. Total residential spending was unchanged at $927B in September and is now up 12.6% when compared to September 2021.

  • Single-family construction, unfortunately, was down 2.6% for the month and is now down 2.7% year-over-year.
  • Multifamily was up 0.3% for the month and is now up 1.9% when compared to September 2021.

BOTTOM LINE: With homebuilder confidence falling every month this year it is definitely a nice surprise to see construction spending up in September.