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September Nonresidential Construction Spending Up By 0.1%

WASHINGTON, Nov. 1ā€”National nonresidential construction spending increased 0.1% in September, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion.

Spending was up on a monthly basis in half of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.1%, while public nonresidential construction spending was up 0.4% in September.

ā€œConstruction spending inched higher in September, with growth fueled by ongoing infrastructure investment,ā€ said ABC Chief Economist Anirban Basu. ā€œSpending accelerated in several publicly funded segments in September, including highway and street, sewage and waste disposal and water supply. The privately funded nonresidential construction segment didnā€™t perform as well for the month, with spending in that segment contracting for the second time in the past three months.

ā€œDespite Septemberā€™s decline, private nonresidential construction spending remains less than 1% below the all-time high established in June,ā€ said Basu. ā€œGiven ongoing manufacturing megaprojects and healthy backlog levels, according toĀ ABCā€™s Construction Backlog Indicator, the nonresidential segment should hold up well as the industry waits for lower borrowing costs and looser lending standards to arrive.ā€

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