November 2, 2011 (Shirley Allen)
Private residential construction spending increased 0.9 percent to a seasonally adjusted annual rate of $228.3 billion in September from a revised estimate of $226.3 billion in August according to the U.S. Census Bureau.
Monthly spending by builders for all types of private construction increased 0.6 percent to a seasonally adjusted annual rate of $501.8 billion, up from the revised estimate of $499.0 billion in August.
The estimate for private residential construction spending in August was revised downward almost $10 billion and the estimate for all types of private construction was revised downward almost $12 billion, turning the gains that were posted in August into losses.
Private residential construction in September was 0.1 percent higher than the seasonally adjusted $228.2 billion that builders spent in September of 2010 while the total amount spent for all private construction was 3.9 percent higher than the $482.9 billion spent in September of last year.
Private construction spending on new single-family homes increased 0.5 percent from August to September as builders spent a seasonally adjusted $107.1 billion in September. The estimate in August was upwardly revised from $106.4 billion to $106.6 billion.
Single-family home construction spending was down 0.1 percent compared to September of 2010, when builders spent a seasonally adjusted $107.3 billion on construction.
Multi-family private construction spending increased 0.2 percent from August to September, to a seasonally adjusted annual rate of $15.1 billion. The estimate for August was also upwardly revised from $14.9 billion to $15.1 billion.
Multi-family construction spending was 6.5 percent higher than in September 2010, when builders spent a seasonally adjusted $14.2 billion.
The remainder of the private residential construction spending in September, $106.0 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was an increase from a downwardly revised $104.6 billion in August and down slightly from the $106.6 billion spent in September of 2010.
Tags: Census Bureau, residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions