Slip in Sept. Nonresidential Spending Not a Cause for Concern
‘Overall outlook still appears positive,’ says ABC
Nonresidential construction spending fell in September for the first time in eight months, the U.S. Census Bureau reported, but the monthly drop in spending is not a cause for concern, according to an analysis by the Associated Builders and Contractors. Nonresidential construction spending fell by 0.1% from August, totaling $692.8 billion on a seasonally adjusted annualized basis.
September’s year-over-year increase of 12.4% represents the largest increase since April 2008, although the Census Bureau revised both July and August nonresidential spending estimates 0.4% lower. After falling in two consecutive months, public nonresidential construction spending grew by 0.7% in September while private sector construction spending fell by 0.7% for the month.