Infrastructure
US construction spending moves up in September
Written by David Schollaert
November 5, 2024
Construction spending in the US picked up in September and maintained a notable year-over-year (y/y) rise.
The US Census Bureau estimated construction spending to be $2,148.8 billion in September on a seasonally adjusted annual rate (SAAR). While just 0.1% above August’s revised spending rate, it was 4.6% higher than spending in September 2023.
Residential construction outlays, at $925.4 billion in September, were off 0.2% month on month (m/m) but were 4.2% higher y/y.
September spending on nonresidential construction projects saw similar dynamics — up 0.1% m/m to $1.223.4 trillion and 4.9% higher y/y.
Within the non-res category, spending was highest in the public sector — up 0.4% in September — which drove momentum, while private nonresidential dipped by 0.1%, according to the Census report.
Spending rose across most infrastructure segments. Highway and street construction spending hit $141.95 billion in September, up 1.5% y/y, while expenditures on transportation projects hit $70.13 billion, a 7.2% gain y/y.
Census figures show a notable rise in total construction spending in recent years (see Figure 1). Spending on residential projects has more or less leveled out over the past year after peaking in 2022. At the same time, spending on nonresidential projects has continued to move higher in recent years.
David Schollaert
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