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Building activity level
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November 2, 1998: 10:54 a.m. ET
Commercial construction falls off, but housing, public works compensate
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NEW YORK (CNNfn) - U.S. construction spending stayed on an even course in September, edging up only slightly to an annual rate of $660.6 billion, the Commerce Department said Monday.
September spending increased 0.4 percent in the month from a revised annual rate of $657.8 billion for August.
Economists had expected the rate to change minimally if at all. The estimate was virtually unchanged at $540.2 billion when converted into constant (1992) dollars.
The data provided the already-sagging bond market with little comfort. Shortly after the release, the 30-year Treasury bond sank 2/32 further to trade down 12/32 on the morning, yielding 5.17 percent.
New residential spending was strong at an annual rate of $214.5 billion, up 2 percent from the revised August figure of $146.2 billion.
Non-residential spending was mixed. Public construction surged 2 percent in the month, climbed to an annual rate of $148.9 billion from a revised month-ago estimate of $146.2 billion.
However, private construction -- including office, industrial and other commercial building -- weakened further from August, falling 2 percent to a rate of $166.0 billion. 
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Commerce Department
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