Construction spending rose slightly in September because of stable private investment and marginal growth in public spending.
Polyvinyl chloride (PVC) demand stabilized for some market participants in September while other end use segments continued to slow down. Demand into the pipe sector remained solid through September and into October, partially supported by ongoing public investment in infrastructure.
Resin demand into exterior profiles like siding, windows, and doors also performed better compared to other PVC products as repair and remodel season and a series of hurricanes in the southeastern US prompted greater demand. PVC contract prices were broadly assessed at a rollover from August with pricing at 59.5¢/lb, but some market participants in markets outside of pipe and profiles reported getting small decreases.
- Total spending was up 7.3pc through the first nine months of 2024 compared to the same period in 2023.
- Private construction spending was supported by residential investment while nonresidential spending fell.
- Manufacturing spending fell while commercial spending rebounded from August, reversing previous month's trends.
- Highway and construction spending grew for a third month after a two-month slide.
- Spending on water supply continues to grow.
| US Construction Spending | $mn | ||||
| 24-Sep | 24-Aug | +/-% | 23-Sep | +/-% | |
| Total Spending | 2,148,805.0 | 2,146,048.0 | 0.1 | 2,055,216.0 | 4.6 |
| Total Private | 1,653,624.0 | 1,653,160.0 | 0.0 | 1,592,388.0 | 3.8 |
| Private Residential | 913,632.0 | 912,186.0 | 0.2 | 877,629.0 | 4.1 |
| Private Manufacturing | 234,302.0 | 234,803.0 | -0.2 | 194,941.0 | 20.2 |
| Private Commerical | 119,191.0 | 118,927.0 | 0.2 | 139,861.0 | -14.8 |
| Total Public | 495,182.0 | 492,888.0 | 0.5 | 462,829.0 | 7.0 |
| Public Water/Sewage | 76,805.0 | 76,462.0 | 0.4 | 69,634.0 | 10.3 |
| Public Highway/Road | 141,049.0 | 140,349.0 | 0.5 | 138,694.0 | 1.7 |
| US Census Bureau | |||||
