The US construction sector has witnessed a slight uptick in September 2024, with spending up marginally by 0.1% to a seasonally adjusted annual rate estimate of $2.14trn from the revised August estimate, as per the US Department of Commerce's Census Bureau data.

This figure also represents a 4.6% increase from the September 2023 estimate of $2.05trn.

During the first nine months of 2024, construction spending reached $1.62trn, 7.3% higher than the $1.51trn reported for the same period in 2023.

Private construction spending remained virtually unchanged at a seasonally adjusted annual rate of $1.6536trn, from the revised August estimate of $1.6532trn.

An analysis of the data by the National Association of Home Builders indicated that the monthly rise in total private construction spending for September was primarily driven by an increase in single-family construction. Spending in this sector increased by 0.4% during the month.

Within this segment, residential construction spending was also slightly up by 0.2%, at a seasonally adjusted annual rate of $913.6bn.

Nonresidential private construction spending, on the other hand, saw a small decrease of 0.1%, with a seasonally adjusted annual rate of $740.0bn in September.

Public construction spending in September 2024 showed a seasonally adjusted annual rate of $495.2bn, 0.5% above the revised August estimate of $492.9bn.

Meanwhile, educational construction spending was at $104.2bn, a 0.3% increase from August.

Highway construction spending also experienced growth, with a seasonally adjusted annual rate of $141.0bn, which is 0.5% higher than the previous month's estimate.