Residential construction slowed to an annual rate of $610 billion in September, dragging total construction spending for the month down three-tenths of a percent to a seasonally adjusted annual rate of $1.196 trillion, the U.S. Commerce Department reported on Nov. 1. September figures are the most recent data the department has available.
In September, spending on private construction, which includes both residential and non-residential construction, was at a seasonally adjusted annual rate of $922.7 billion, seven-tenths of a percentage point below August's rate of $929.4 billion. Spending on schools, highways and other public construction was at a seasonally adjusted annual rate of $273.2 billion in September, nine-tenths of a percent above August's rate of $270.7 billion.
