by Calculated Risk on 11/01/2010 10:53:00 AM
Monday, November 01, 2010
The Census Bureau reported overall construction spending increased in September compared to August.
[C]onstruction spending during September 2010 was estimated at a seasonally adjusted annual rate of $801.7 billion, 0.5 percent (±1.9%)* above the revised August estimate of $797.5 billion.However private construction spending was about the same as the downwardly revised August rate:
Spending on private construction was at a seasonally adjusted annual rate of $482.0 billion, nearly the same as (±1.1%)* the revised August estimate of $481.9 billion. [revised down from $498.2 billion]Click on graph for larger image in new window.
This graph shows private residential and nonresidential construction spending since 1993. Note: nominal dollars, not inflation adjusted.
Residential spending is 65.7% below the peak early 2006, and non-residential spending is 39.5% from the peak in January 2008.
The downward revisions to construction spending in July and August were significant.
These downward revisions will negatively impact Q3 GDP for both residential investment, and non-residential investment in structures.
Posted by Calculated Risk on 11/01/2010 10:53:00 AM