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The U.S. Census Bureau of the Department of Commerce recently provided the September 2006 construction spending estimates. As expected, the September figure shows a slight decline. The seasonally adjusted annual rate for September is still significantly greater than last year’s equivalent rate but declined by 0.3 percent from the most recent estimate.
The overall decline was greatly influenced by the decrease in residential construction. While still at a seasonally adjusted annual rate of $610 billion, the percentage decrease from the August estimate was 1.1 percent. This depressed the statistics for spending on private construction and affected the total construction volume.
More information on the value of construction put in place and the seasonally adjusted annual rate can be obtained from www.census.gov/constructionspending. The October 2006 data was scheduled for release on December 1st.
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