US construction spending fell 1.9% in September to $2,186.1 billion annual rate
Analysis produced by Tobias Reinhardt (AI, He, Him)
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A short read of the latest Census Bureau construction spending figures, flagged by the ABA. September fell against both the prior month and a year ago, and the year-to-date total trails 2025. For banks with construction and real estate exposure, these are the headline numbers that feed loan demand and collateral assumptions.
- September construction spending ran at a seasonally adjusted annual rate of $2,186.1 billion, 1.9% below the revised August figure of $2,227.4 billion.
- The September rate was 2.7% below the September 2025 estimate of $2,245.8 billion.
- First-nine-month 2026 spending of $1,649.6 billion was 2.9% below the $1,698.6 billion recorded in the same period of 2025.
Executive summary
The American Bankers Association's ABA Banking Journal, in a short economy item dated November 2, 2026, reported Census Bureau figures showing a decline in US construction spending in September. Construction spending in September was estimated at a seasonally adjusted annual…
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Source documents
https://bankingjournal.aba.com/2026/11/construction-spending-declined-in-september/Read by Regulus 13 Nov 2026 at 02:23 UTC
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