Construction spending in the U.S. came in virtually unchanged in the month of September, according to a report released by the Commerce Department on Thursday.
The Commerce Department said construction spending in September was estimated at an annual rate of $1.33 trillion, nearly the same as the revised August estimate. Economists had expected spending to inch up by 0.1 percent.
Reflecting an upward revision, the report showed construction spending climbed by 0.8 percent in August compared to the previously reported 0.1 percent uptick.
Construction spending was nearly unchanged in September, as an increase in spending on private construction was offset by a drop in spending on public construction.
The report said spending on private construction rose by 0.3 percent to a rate of $1.02 trillion, as spending on residential construction increased by 0.6 percent and spending on non-residential construction crept up by 0.1 percent.
On the other hand, spending on public construction spending fell by 0.9 percent to a rate of $309.1 billion, partly reflecting a 1.1 percent slump in spending on highway construction.
the Commerce Department said total construction spending in September was up by 7.2 percent compared to the same month a year ago.
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