US construction spending for September
- US construction spending rose by 0.3% vs. 1.0% estimate.
- Prior month revised to 0.8% from 1.4% previously
- private construction rose 0.9%
- private residential construction rose 2.8%
- private residential improvement spending fell -0.4%
- private nonresidential construction fell -1.5%
- public construction fell 1.7%
- government construction spending was 24% of total in September
Overall, worse than expected data for this month and revision was also a disappointment. The good is private residential construction rose smartly by 2.8%. For public spending, the purse strings from local and state governments from the impact of Covid will put a damper on spending. Of course there was once talk about infrastructure spending. That idea has been put on the back burner.
