U.S. Construction Spending Hits Record High

Construction spending in the United States has reached a record high after rising 0.5 percent in September, according to a report released by the Department of Commerce on Nov. 1.

The increase brought the month total to a seasonally adjusted annual rate of $1.120 trillion—up from $1.115 trillion in August.

Spending on private construction advanced by 0.6 percent in September to a $871.5 billion annual rate. The increase was assisted by a 1 percent addition in outlays on private residential construction.

However, private nonresidential construction decreased by 0.3 percent.

Spending on public construction was basically unchanged in September.

More information is available at www.census.gov.