The value of construction put in place in September tied the record set in August of $1.014 trillion at a seasonally adjusted annual rate, the Census Bureau reported today. For the first nine months of 2004, value put in place rose 9% from January-September 2003. Gains were widespread. Private residential construction rose 15%, while private nonresidential and public construction were up 4% each. Of the three residential components, single-family jumped 22%, multi-family gained 10%, and improvements were flat. Four private nonresidential components reported substantial gains: lodging (+12%), amusement and recreation (+11%), health care (+10%), and office (+8%). The largest subcomponent, commercial (retail and wholesale), rose 5%. Four private nonresidential components fell: power, educational, and religious were down 5%, and manufacturing was down 2%. Five of the six largest public components were up: highway and street construction (+6%), education (+3%), transportation (+2%), sewage and waste disposal (+8%), and office (+5%); amusement and recreation fell 8%.
The Census data are not adjusted for inflation, but other releases (below) suggest construction costs rose substantially in the third quarter and in October.