Commerce Dept. Says Construction Spending Increased to $908.4 Billion in October

The Department of Commerce says construction spending during Oct. 2013 was estimated at a seasonally adjusted annual rate of $908.4 billion, 0.8% above the September estimate of $901.2 billion.
Dec. 6, 2013
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The Department of Commerce says construction spending during Oct. 2013 was estimated at a seasonally adjusted annual rate of $908.4 billion, 0.8% above the September estimate of $901.2 billion. The October figure is 5.3% above the October 2012 estimate of $863.1 billion. During the first 10 months of this year, construction spending amounted to $747 billion, 5% above the $711.7 billion for the same period in 2012. Educational construction enjoyed large increases in both the private and public sectors, increasing 6.6% in the private sector to $17.2 billion, and to a seasonally adjusted annual rate of $64 billion in the public sector, 8.5% above the September estimate of $59 billion. 
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Private construction. Spending on private construction was at a seasonally adjusted annual rate of $625.7 billion, 0.5% below the September estimate of $629 billion. Residential construction was at a seasonally adjusted annual rate of $326.9 billion in October, 0.6% below the September estimate of $328.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $298.9 billion in October, 0.5% below the September estimate of $300.2 billion. With the exception of the residential, power, amusement  and recreation and communications in the private sector, all construction areas registered gains in October.

Public construction. In October, the estimated seasonally adjusted annual rate of public construction spending was $282.7 billion, 3.9% above the September estimate of $272.2 billion. Highway construction was at a seasonally adjusted annual rate of $83.3 billion, 0.6% percent above the September estimate of $82.8 billion.

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