Despite the business-slowing hits Gulf Coast communities took from hurricanes during late summer, U.S. construction spending in September was higher than in August. Spending in September was at a seasonally adjusted annual rate of $1.12 trillion, half a percentage point higher than August's revised rate of $1.11 trillion, the U.S. Commerce Department reported on Nov. 1.
Spending on private construction, including residences, was at a seasonally adjusted annual rate of $871.5 billion, six-tenths of a percent higher than August's rate of $866.1 billion. Meanwhile public construction, including schools and highways, was at a seasonally adjusted annual rate of $248.5 billion in September, the same as August's rate.
