US construction spending rises 0.4% in September

By Ovunc Kutlu

ISTANBUL (AA) – US construction spending rose 0.4% to $1,996.5 billion in September, according to the Commerce Department figures released Wednesday.

Construction spending, one of the major indicators of well-being in the construction sector, was in line with market expectations.

The figure for August was revised up to a monthly gain of 1%, from 0.5%, to $1,988.3 billion, data showed.

Annually, the reading in September was 8.7% above the figure from the same month last year, when it had stood at $1,836.9 billion, said the Commerce Department.

Construction spending, during the first nine months of this year, amounted to $1,463.5 billion, which is 4.6% above the $1,398.9 billion for the same period in 2022, it noted.