Construction Spending Edges Higher in October

Washington, DC, Dec. 2, 2014 -- Construction spending during October was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1% above the revised September estimate of $960.3 billion, according to the Commerce Department.

The October figure is 3.3% above the October 2013 estimate of $939.9 billion.

During the first 10 months of this year, construction spending amounted to $800.6 billion, 5.8% above the $756.5 billion for the same period a year ago.

Spending on private construction was at a seasonally adjusted annual rate of $692.4 billion, 0.6% above the revised September estimate of $688.0 billion. Residential construction was at a seasonally adjusted annual rate of $353.8 billion in October, 1.3% above the revised September estimate of $349.1 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 0.1% below the revised September estimate of $338.9 billion.

The estimated seasonally adjusted annual rate of public construction spending was $278.6 billion, 2.3%above the revised September estimate of $272.3 billion.