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The Department of Commerce said construction spending during October 2010 was estimated at a seasonally adjusted annual rate of $802.3 billion, 0.7 percent above the revised September estimate of $797.1 billion. The October figure is 9.3 percent below the October 2009 estimate of $884.7 billion. During the first 10 months of this year, construction spending amounted to $684.7 billion, 11.2 percent below the $770.6 billion for the same period in 2009.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $481.8 billion, 0.8 percent above the revised September estimate of $477.8 billion. Residential construction was at a seasonally adjusted annual rate of $229.6 billion in October, 2.5 percent above the revised September estimate of $224.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $252.2 billion in October, 0.7 percent below the revised September estimate of $253.8 billion. Decreases in the key office (-4.8%) and manufacturing (-5.7%) segments from September pulled down spending on private construction projects
Public construction. In October, the estimated seasonally adjusted annual rate of public construction spending was $320.5 billion, 0.4 percent above the revised September estimate of $319.2 billion. Educational construction was at a seasonally adjusted annual rate of $75 billion, 1.7 percent below the revised September estimate of $76.3 billion. The commercial (+14.4%) and power (+13.2%) market segments showed the highest increases in public construction from September to October.
1-Preliminary; 2-Revised
Note: The U.S. Census department changed its construction categories beginning with its May 2003 statistics. With the changes in the project classifications, data now presented are not directly comparable with those data previously published in the regular-format press releases and tables. Direct comparisons can only be made at the total, total private, total state and local, total federal, and total public levels for annual and not seasonally adjusted monthly data. For more information, check out http://www.census.gov/const/www/c30index.html.