No: the latest U.S. figures do not show both construction spending and employment down from last year. Construction spending was 1.7% lower in August 2026 than in August 2025, while construction payroll employment was higher in September 2026 than a year earlier. The reports cover different months and measure different things.
What the latest data say
The latest available releases as of October 7, 2026, show a split picture. The U.S. Census Bureau’s October 1 release puts August construction spending at a seasonally adjusted annual rate of $2,203.1 billion, down 1.7% (±1.5%) from August 2025. The Bureau of Labor Statistics’ October 2 release reports that construction employment rose by 11,000 in September 2026; its September payroll count was also above September 2025.
These are national estimates. Spending is reported as a seasonally adjusted annual rate, not the amount spent during August alone. Employment figures are payroll jobs reported by establishments, not a count of every individual who works in construction.
Construction spending: lower than a year ago, higher than July
The Census Bureau estimated August 2026 construction spending at $2,203.1 billion on a seasonally adjusted annual-rate basis. That was 0.9% (±1.0%) above the revised July estimate of $2,184.5 billion, but 1.7% (±1.5%) below the August 2025 estimate of $2,242.0 billion. A month-to-month increase and a year-over-year decline can both be true because each compares August with a different baseline. Census Bureau: Monthly Construction Spending
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The broader year-to-date comparison was also lower: spending for the first eight months of 2026 totaled $1,450.4 billion, compared with $1,496.6 billion for the first eight months of 2025, a decline of 3.1% (±1.0%), according to the release.
August changes by category
Several major categories increased from revised July estimates. These are monthly comparisons, not year-over-year changes:
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- Private construction: $1,655.3 billion annualized, up 1.1%.
- Residential construction: $882.3 billion annualized, up 1.1%.
- Nonresidential construction: $773.0 billion annualized, up 1.0%.
- Public construction: $547.8 billion annualized, up 0.2%.
- Educational construction: $113.1 billion annualized, up 0.1%.
- Highway construction: $150.6 billion annualized, up 0.1%.
The Census release reports uncertainty intervals for several monthly changes. Small increases should therefore be read as estimates, not conclusive evidence that a longer-term trend has reversed.
Construction employment: September gains and a higher year-over-year count
BLS reported that construction employment changed little in September 2026, increasing by 11,000. Over the preceding 12 months, construction added an average of 10,000 jobs per month. The release also identified a 12,000-job increase in nonresidential specialty trade contractors for September. BLS: The Employment Situation, September 2026
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BLS Table B-1 shows that the same-month comparison with 2025 is positive on both adjustment bases:
| Construction payroll measure | September 2025 | September 2026 | Change |
|---|---|---|---|
| Not seasonally adjusted | 8.401 million | 8.504 million | +103,000 |
| Seasonally adjusted | 8.255 million | 8.364 million | +109,000 |
The values are payroll-job estimates from BLS’s establishment survey. Seasonal adjustment accounts for recurring patterns in the data; comparing the same month across years on either basis, as above, does not support saying that construction employment is down year over year. BLS Table B-1: Employees on nonfarm payrolls by industry sector and selected industry detail
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Different construction segments can move in opposite directions
Within the seasonally adjusted September figures, construction employment rose by 12,300 in nonresidential specialty trade contractors and by 4,200 in construction of buildings. Residential specialty trade contractors declined by 7,900. These are month-to-month changes, not annual comparisons, and they show why an industry-wide total does not describe every segment’s experience.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why spending and payroll employment do not move in lockstep
Construction spending measures the value of construction put in place; payroll employment counts jobs at establishments. They are separate indicators, reported for different months in these releases. A lower spending estimate compared with a year earlier does not by itself establish that employment must also fall, and these releases do not establish that one measure caused the other.
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When comparing construction data, check the release date and data month, the comparison period, the unit, and whether a figure covers the whole industry or a subsector. For spending, distinguish a seasonally adjusted annual rate from a year-to-date total. For jobs, note whether figures are seasonally adjusted and whether the comparison is monthly or year over year.
How current are these figures?
The spending estimate covers August 2026 and was released October 1; the employment estimate covers September 2026 and was released October 2. Both are subject to revision as new data become available. BLS scheduled its October employment release for November 6, 2026, so later publications may update the picture.
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