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November 4, 2022

Construction spending keeps rising, but the rate of increase is slowing

Photo by Benjamin Minnick [enlarge]
Pacific Pile & Marine is removing old creosote-coated piles that support Pier 63 on Seattle’s waterfront. The pier was closed in 2017 for safety reasons and is being removed to improve the ecosystem of the nearshore habitat.

The U.S. Census Bureau earlier this week released its latest total construction spending data, which showed a slight uptick of 0.2% in seasonally adjusted spending for the month of September, to $1.81 trillion. If that pace continues, spending will be up less than 2.5% over the next 12 months. That compares to a jump of 10.9% from September 2021 to September 2022.

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