Commerce Dept. Says October Value of New Construction Increases to $798.5 Billion

The U.S. Census Bureau of the Department of Commerce said construction spending during October 2011 was estimated at a seasonally adjusted annual rate of $798.5 billion, 0.8 percent above the revised September estimate of $792.1 billion. The October figure is 0.4 percent below the October 2010 estimate of $802 billion. During the first 10 months of this year, construction spending amounted to $655.5 billion, 2.9 percent below the $675.4 billion for the same period in 2010.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $518.6 billion, 2.3 percent above the revised September estimate of $507.1 billion. Residential construction was at a seasonally adjusted annual rate of $239 billion in October, 3.4 percent above the revised September estimate of $231.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $279.6 billion in October, 1.3 percent above the revised September estimate of $275.9 billion. Construction of new electrical utility plants led all segments of private construction with a 5.7% increase to $68.7 billion

Public construction. In October, the estimated seasonally adjusted annual rate of public construction spending was $279.9 billion, 1.8 percent below the revised September estimate of $285 billion. Educational construction was at a seasonally adjusted annual rate of $72.2 billion, 1.8 percent below the revised September estimate of $73.6 billion. Highway construction was at a seasonally adjusted annual rate of $80.1 billion, 0.4 percent below the revised September estimate of $80.5 billion.