Construction Spending Up in October

Construction spending during October was estimated at a seasonally adjusted annual rate of $1,107.4 billion, which is one percent above September’s revised estimate of $1,096.6 billion and 13 percent above the October 2014 estimate of $979.6 billion, according to new data from the U.S. Census Bureau of the Department of Commerce.

Residential construction was at a seasonally adjusted annual rate of $399 billion in October, which is one percent above the revised September estimate of $395 billion. Non-residential construction was at a seasonally adjusted annual rate of $403.4 billion in October, 0.6 percent above the revised September estimate of $400.8 billion.

Spending on private construction in October was at a seasonally adjusted annual rate of $802.4 billion, 0.8 percent above the revised September estimate of $795.8 billion. Construction spending amounted to $888.1 billion during the first 10 months of this year, which is 10.7 percent above the $802.3 billion for the same period in 2014.