Total private residential construction spending was up in September, making three straight months of increases. The bump is attributed to increased spending in single family construction spending. However, nonresidential construction spending declined in September.
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $511.4 billion in September, the highest level since December 2018. It inched up 0.6% in September, after increasing 0.8% in August and 1% in July. Private residential construction spending rebounded in the third quarter after decreasing for the first six months of this year, as mortgage interest rates declined.
