Construction spending in US surges 0.1 percent in September
Date
11/3/2024 5:00:56 AM
(MENAFN) According to data released by the Commerce Department on Friday, US construction spending experienced a modest increase of 0.1 percent in September, reaching a total of USD2,148.8 billion. This uptick is notable as it comes amid expectations that construction spending would remain unchanged during the month. The reported figure indicates a stable performance in the construction sector, which is often regarded as a key indicator of economic health and activity within the industry.
For August, construction spending was reported at USD2,146.0 billion, also reflecting a monthly increase of 0.1 percent. This consistency in growth suggests a steady trend in construction activity, as the sector continues to navigate challenges while maintaining a positive trajectory. The slight rise in both months demonstrates resilience in the market, indicating ongoing investment and development in construction projects across the country.
Looking at the annual data, construction spending in September was significantly higher than the same month in 2023, showing an impressive increase of 4.6 percent. The previous year’s figure stood at USD2,055.2 billion, highlighting a notable recovery and growth in the sector. This year-on-year comparison underscores the ongoing expansion in construction activities and investment, which can have positive implications for job creation and economic growth.
Overall, the latest construction spending figures reflect a cautiously optimistic outlook for the sector, as it continues to show incremental growth despite broader economic uncertainties. The ability of the construction industry to maintain this upward trend will be critical for supporting economic stability and development in the coming months.
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