The U.S. Census Bureau said construction spending during October 2015 was estimated at a seasonally adjusted annual rate of $1,107.4 billion, 1% above the revised September estimate of $1,096.6 billion. The October figure is 13% above the Oct. 2014 estimate of $979.6 billion. During the first 10 months of this year, construction spending amounted to $888.1 billion, 10.7% above the $802.3 billion for the same period in 2014.
Some key market segments for the electrical industry are showing some of the best growth. October’s $226.2 billion in private single-family construction is up 11.4% year over year (YOY) and multi-family construction was up 27.9% YOY to $58.4 billion. October office construction was up 16.7% YOYto $49.6 billion and construction of new manufacturing facilities was up 40.5%YOY to $90.1 billion.
Public construction. In October, the estimated seasonally adjusted annual rate of public construction spending was $304.9 billion, 1.4% above the revised September estimate of $300.8 billion. Educational construction was at a seasonally adjusted annual rate of $69.2 billion, nearly the same as the revised September estimate of $69.2 billion.