Nonresidential Construction Spending Slips for Second Consecutive Month
Nonresidential construction spending slipped 1% in September but has still managed to expand 4.2% on a year-over-year basis, according to the Nov. 1 release from the U.S. Census Bureau. Spending for the month totaled $596.1 billion on a seasonally adjusted, annualized basis while the government slightly revised the August spending figure from $603.7 billion to $601.9 billion.
“September’s drop in nonresidential construction spending is disappointing, given the growing momentum in the broader economy and the generally positive signals being sent by industry-specific leading economic indicators,” said Associated Builders and Contractors Chief Economist Anirban Basu.