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Construction spending rose in September

Nov. 1, 2012 at 1:26 PM

WASHINGTON, Nov. 1 (UPI) -- Construction spending rose 0.6 percent in September to $851.5 billion on a seasonally adjusted annual basis, the U.S. Census Bureau reported Thursday.

Total construction spending in August was revised to $846.1 billion, the bureau said.

Spending in September was 7.8 percent above September 2011 when $790.2 billion was spent on construction projects on a seasonally adjusted annual basis.

Spending on private construction was at a seasonally adjusted annual rate of $580.4 billion, 1.3 percent higher than the revised estimate for August of $572.8 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $292.1 billion in September, 2.7 percent above the August revised figure of $284.4 billion.

Non-residential private construction was at a seasonally adjusted annual rate of $294.6 billion, 0.1 percent below the $294.7 billion spent in August -- also a revised figure.

The estimated seasonally adjusted annual rate of public construction spending in September was $271 billion, 0.8 percent below the revised August estimate of $273.3 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $66.6 billion, 0.8 percent below the revised August estimate of $67.2 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $78.3 billion, 2.6 percent below the revised August estimate of $79.6 billion.

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