The United States saw a modest rise in construction spending for September 2024, with a seasonally adjusted annual rate estimated at $2,148.8 billion, marking a 0.1% increase from the revised August figure of $2,146.0 billion. This September spending level also represents a 4.6% increase from the same month in 2023, which recorded $2,055.2 billion. Over the first nine months of the year, total construction expenditures reached $1,621.4 billion, a 7.3% rise from $1,511.4 billion during the same period last year, according to the U.S. Census Bureau.
Private construction maintained a steady pace with a seasonally adjusted annual rate of $1,653.6 billion, showing negligible change from August’s revised rate of $1,653.2 billion. Within this sector, residential construction experienced a slight 0.2% uptick, reaching $913.6 billion, while nonresidential construction saw a minor decrease of 0.1%, bringing it to $740.0 billion for the month.
Public construction spending rose by 0.5% to $495.2 billion, driven by educational and highway infrastructure projects. Educational construction edged up by 0.3% to $104.2 billion, and highway construction advanced by 0.5%, reaching $141.0 billion, both contributing to the overall growth in public sector construction.