Construction Spending Inched Upward in October

Washington, DC, December 1, 2016—Construction spending during October 2016 was estimated at a seasonally adjusted annual rate of $1,172.6 billion, 0.5% above the revised September estimate of $1,166.5 billion, the U.S. Census Bureau of the Department of Commerce have announced.

The October figure is 3.4T above the October 2015 estimate of $1,134.4 billion.

During the first ten months of this year, construction spending amounted to $972.2 billion, 4.5% above the $930.7 billion for the same period in 2015.

Spending on private construction was at a seasonally adjusted annual rate of $885.9 billion, 0.2% below the revised September estimate of $887.4 billion. Residential construction was at a seasonally adjusted annual rate of $466.2 billion in October, 1.6% above the revised September estimate of $458.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $419.6 billion in October, 2.1% below the revised September estimate of $428.6 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $286.8 billion, 2.8% above the revised September estimate of $279.1 billion. Educational construction was at a seasonally adjusted annual rate of $72.2 billion, 4.1% above the revised September estimate of $69.4 billion. Highway construction was at a seasonally adjusted annual rate of $91.5 billion, 1.9% above the revised September estimate of $89.8 billion.