The U.S. Department of Commerce is reporting that construction spending during September, 2016 was estimated at a seasonally adjusted annual rate of $1.15 trillion, which is 0.4% lower than August and 0.2% lower than one year ago. Total construction spending through September was $863.2 billion, which is 4.4% higher than in August 2015. Breaking this down a little, private residential construction was at a seasonally adjusted annual rate of $453.7 billion in August, 0.5% above August revised estimate of $451.3 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $426.0 billion in September, 1% below August’s revised estimate of $430.2 billion.
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