US Construction Spending Continues to Rise

The US Census Bureau recently released a report revealing that construction spending in the United States reached $2.17 trillion in September, marking a 0.4% increase from the previous month's revised figure. This represents a 5% year-over-year jump, indicating a robust growth in the construction sector.

From January to October 2024, construction spending amounted to $1.8 trillion, a significant 7.2% increase compared to the same period in 2023. This growth was primarily driven by private construction, which saw a 0.7% monthly increase to $1.676 trillion. Residential construction experienced a notable 1.5% surge to $934 billion, while nonresidential spending saw a slight decline.

On the other hand, public construction spending decreased by 0.5% to $497.6 billion, with both educational and highway projects witnessing marginal decreases.