Construction spending failed to meet modest expectations in September, according to the latest data from the Census Bureau…(Census Bureau)
- M-O-M: Total construction spending fell 0.5% to a seasonally adjusted annual rate of $1,573.6 billion.
- Y-O-Y: Construction spending was up 7.8% when compared to the same time one year ago.
Residential spending was also down for the month with a 0.4% drop in September. However, like total spending, year-over-year was well into the green with a 19.3% jump.
- Single family spending dropped 0.4% month-over-month but was up a whopping 30.4% year-over-year.
- Multi-family saw the smallest drop with a 0.3% monthly decline and was up 10.5% year-over-year.
NOTE: The category that saw the biggest monthly jump was office construction that was up 1.2% and the biggest year-over-year gain was power plant construction up 49.6%
SWING & MISS: Economists had projected a 0.4% increase in September.
