U.S. construction spending was flat in September, but spending on office, hotel, retail and other U.S. commercial real estate projects provided positive results, a new U.S. Census Bureau report says.
Although overall nonresidential construction spending dropped to a preliminary $596 billion in September, down a seasonally adjusted 1% from August, U.S. construction spending on a year-over-year basis was up 4.2%, the government said in its latest release on the value of U.S. construction put in place.
The biggest monthly gain was in hotel construction, which increased 4.7% in September over the previous month and was up 14.7% from the same time a year ago, according to the Census Bureau. Office construction spending rose 2.4% in September, up 15.7% in the past year, the release said. Commercial construction spending, which covers retail, wholesale and selected service projects, increased 1.3% for September and 12.3% for the year, the bureau said.
There were some areas in the U.S. commercial real estate market that dropped slightly or remained flat in September, the government said. Health care construction spending was down 0.9% in September and down 7.5% for the year, according to the release. Manufacturing also was down for the month (by 1.3%), but has benefited by growth in manufacturing and logistics facilities that pushed the manufacturing sector up a strong 16.4% since September 2013, according to the census release.
The biggest year-over-year construction spending gains were in new private multifamily projects, up 25.7% for the year, but down 1% in September, the bureau said.
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