Value of New Construction Spending Dips in October

Construction spending during Oct. 2022 was estimated at a seasonally adjusted annual rate of $1,794.9 billion, -0.3% below the revised September estimate of $1,800.1 billion. The October figure from the U.S. Census Bureau is +9.2% above the Oct. 2021 estimate of $1,644.3 billion. During the first ten months of this year, construction spending amounted to $1,507.8 billion, +10.8% above the $1,360.8 billion for the same period in 2021.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,420.4 billion, -0.5% below the revised September estimate of $1,427.6 billion. Residential construction was at a seasonally adjusted annual rate of $887.2 billion in October, -0.3% below the revised September estimate of $890 billion. Nonresidential construction was at a seasonally adjusted annual rate of $533.2 billion in October, -0.8% below the revised September estimate of $537.6 billion. Private health care spending dipped -0.6% in October to $40,997 billion but was up +6.3% year-over-year.

While spending on private manufacturing facilities also slowed in October, with a -3.2% decline to $111.1 billion, it’s still up +33.6% YOY. Once again, spending in the Computer/electronic/electrical category led the way with a +1.3% monthly increase to $44,969 billion. That’s up +170.4% over spending in Oct. 2021.

Public construction

In October, the estimated seasonally adjusted annual rate of public construction spending was $374.6 billion, +0.6% above the revised September estimate of $372.5 billion.