Construction Spending Rises
The U.S. Department of Commerce released construction spending numbers for the month of September this morning. The figure was 0.6% higher than in August, and 7.8% higher than in September of last year. All in all, total outlays came in at an $851.6 billion seasonally adjusted annual rate.
Some 34% of the total was attributed to residential construction.
The figures, collected monthly since 1960, include both public and private construction projects, and take into account a wide variety of costs, from labor and materials to interest and taxes to contractor's profits. Private construction spending accounted for nearly 70% of the overall figures, or more than $580 billion. Of the public outlays, the vast majority were on the state and local level; less than 10% were from federal spending.
Bloomberg reports that economists had been expecting a monthly gain of about 0.7%, but that the $851.6 billion figure was the highest recorded since October of 2009.
The article Construction Spending Rises originally appeared on Fool.com.John Divinehas no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.