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Financial News: U.S. Construction Spending Unexpectedly Drops 0.5% In Sept

U.S. Construction Spending Unexpectedly Drops 0.5% In September

11/01/2021 - 10:15:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. unexpectedly decreased in the month of September, according to a report released by the Commerce Department on Monday.

The report said construction spending fell by 0.5 percent to an annual rate of $1.574 trillion in September after inching up by 0.1 percent to a revised rate of $1.582 trillion in August.

The drop in construction spending came as a surprise to economists, who had expected spending to increase by 0.4 percent.

The unexpected decline in construction spending came as spending on private construction slid by 0.5 percent to an annual rate of $1.230 trillion.

Spending on residential construction spending fell by 0.4 percent to a rate of $773.5 billion, while spending on non-residential construction dropped by 0.6 percent to a rate of $456.4 billion.

The report showed spending on public construction also slumped by 0.7 percent to an annual rate of $343.7 billion.

Spending on highway construction dropped by 0.7 percent to a rate of $99.8 billion, offsetting a 0.9 percent increase in educational construction to a rate of $80.7 billion.

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