Construction Spending Drops in September

By: • Mon, Nov 3 2008, 10:18 AM

According to a report from the U.S. Department of Commerce, construction spending in the United States edged down in September, coming in at -0.3% month-over-month.

The consensus had forecast construction spending in September to decline by 0.8%. The total construction figure for August was revised upward to 0.3% from 0.0%.

Residential construction fell by 1.3%, a drop from August's 1.9% increase, while non-residential construction increased 0.1%, up slightly after falling 0.4% in the previous month.

The report also noted a 0.1% increase in private construction and a 1.3% decline in public building, which came in at -0.1% and -1.3%, respectively, in August.