Construction Spending Rises to All-Time High

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onstruction spending climbed 1.3% in September to an all-time high, the Commerce Department reported Monday.

The total value of building projects under way came in at a seasonally adjusted annual rate of $910.6 billion in September. Commerce also said the August increase was revised upward to 0.7% from 0.2%.

The value of all construction by private builders — both residential and commercial — rose by 1.7% in September to a rate of $690.6 billion, also the best month on record.

September was the fourth month of increased spending after four months without a gain. Building of houses and apartments in the third quarter rose at a 20.4% rate, the strongest in more than seven years, Commerce said last week.

Spending on hotels and motels, office buildings, factories and power plants also showed gains, while spending was trimmed on transportation and communications projects by private builders.

In addition, spending by the government on big public works projects, meanwhile, was flat at $220 billion in September.

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