Construction Spending Rose 1.3% in October

Washington, DC, December 1, 2020-Construction spending during October 2020 was estimated at a seasonally adjusted annual rate of $1,438.5 billion, 1.3% above the revised September estimate of $1,420.4 billion, according to the U.S. Census Bureau.

The October figure is 3.7% above the October 2019 estimate of $1,386.8 billion. During the first ten months of this year, construction spending amounted to $1,189.6 billion, 4.3% above the $1,140.4 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,093.7 billion, 1.4% above the revised September estimate of $1,078.9 billion. Residential construction was at a seasonally adjusted annual rate of $637.1 billion in October, 2.9% above the revised September estimate of $619.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $456.6 billion in October, 0.7% below the revised September estimate of $459.9 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $344.8 billion, 1.0% above the revised September estimate of $341.4 billion. Educational construction was at a seasonally adjusted annual rate of $86.4 billion, 1.1% above the revised September estimate of $85.4 billion. Highway construction was at a seasonally adjusted annual rate of $92.6 billion, 1.6% above the revised September estimate of $91.2 billion.