Residential Construction Spending Ends Summer on Flat Note

The Census Bureau released a combined
report on the Value of Construction Put in Place for both September and October
on Monday.  A full September report was
not issued either now or when scheduled in October because of the government
shutdown.

Total construction activity for
September was at a seasonally adjusted annual rate of $901.2 billion compared
to $903.8 billion in August, a -0.3 percent change.  Residential construction value, which came almost
totally from the private sector, was $334.49 billion compared to $329.66
billion in August
.

Total construction spending in October
was at a seasonally adjusted annual rate of $908.45 billion, an increase of 0.8
percent from September and 5.3 percent higher than one year earlier.  Residential construction was at a rate of
$332.89 billion, down 0.5 percent from September but 17.4 percent higher than
in October 2012. 

Of the total annualized residential construction
put in place, $326.86 billion was spent by the private sector, representing
more than half of all private construction dollars.  Private residential spending was 0.6 percent
below that of September but was 17.8 percent higher than a year earlier.

Public spending on residential
construction was $6.02 billion, up 4.6 percent from September’s annualized
figure of $5.75 billion and 1.0 percent lower than the 6.08 billion pace in
October 2012.

On a non-adjusted basis total
construction in October was $83.57 billion of which $31.25 billion was
residential, increases of 5.0 percent and 16.6 percent from one year earlier.  Residential construction consumed $30.74
billion of the total private sector expenditures of $57.21 billion.  Total private construction spending increased
8.8 percent year-over-year and residential 17.0 percent on a non-seasonally
adjusted basis.

Public sector residential spending
totaled $510 million in October.  This
was a 3.4 percent decrease from October 2012.  

Article source: http://www.mortgagenewsdaily.com/12022013_construction_expenditures.asp

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