Money Matters - Simplified

Construction spending rises slightly

Washingnton -- U.S. construction outlays rose 0.5 percent in September with gains in spending on residential projects, the U.S. Commerce Department said Monday.

As highway construction began winding down, money spent on private residential projects rose 1.8 percent from a month ago to $231.7 billion. Spending on private non-residential construction dropped 1.6 percent to $250.3 billion, Commerce said.
In total, construction rose to $801.7 billion compared to a revised August estimate of $797.5 billion.

Total spending for private and public projects was 10.4 percent below September 2009 when outlays reached $894.8 billion for buildings and highways.

For the first three quarters of the year, the drop is similar. From January through September, construction spending fell 11.2 percent compared to the same period a year ago to $612.6 billion.

Spending on highways was down, dropping 0.1 percent to $84.9 billion.

Copyright 2010 United Press International

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