Construction spending dips 0.3% in September

Excavator Loading Truck StockU.S. construction spending increased 0.3 percent in September to $1.219 trillion and is up 2 percent over the September 2016 total.

Total nonresidential spending rose 0.5 percent to $698 billion but remains down 3 percent from the year-ago total. Top percentage increases were conservation and development, up 12.3 percent to $7.4 billion; educational, up 5.4 percent to $92 billion; and transportation, up 3.6 percent to $43.5 billion

Spending from private homebuilders was flat in September but at $515 billion remains 10 percent higher than the September 2017 total. Spending on single-family homes rose 0.2 percent to $266 billion, while multi-family spending rose 0.6 percent to $62 billion.

Total construction spending from the private sector fell 0.4 percent to $943 billion and is up 3.1 percent over September 2016. Government spending rose 2.6 percent during September to $277 billion and is down 1.6 percent from its year-ago figure.