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Residential Construction Was a Bright Spot for September
Monday, November 2, 2020
Overall construction spending was flat in
September, held down by a drop in public sector projects. The U.S. Census
Bureau said total expenditures during the month were at a seasonally adjusted
annual rate of $1.414 trillion, a 0.3 percent increase from August and up 1.5
percent on an annual basis. On a non-adjusted basis spending was down
slightly, from $130.462 billion in August to $129.103 billion. For the
year-to-date (YTD), spending totals $1.059 trillion, growth of 4.1 percent compared
to the first nine months of 2019. The greatest year-over-year gain in
spending has been for public safety projects. This spending is up 46.2 percent
thus far in 2020, with water supply projects following with a 20.8 percent decline.
The largest YTD decline (-14.0 percent) is for construction related to religion.
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