Construction spending grew 1.0 percent in October to $1,107.4 billion (SAAR). September’s spending estimate was revised up to $1,096.6 billion (0.6 percent growth). Construction spending during the first 10 months of 2015 amounted to $888.1 billion, 10.7 percent higher than in the first 10 months of 2014.
Total private construction rose to $802.4 billion (SAAR), 0.8 percent above the revised September estimate of $795.8 billion.
Private residential construction rose to a seasonally adjusted annual rate of $399.0 billion, up 1.0 percent from September’s estimate, as construction of single and multifamily units increased by 1.6 percent and 1.4 percent respectively.
Private nonresidential construction grew 0.6 percent to a seasonally adjusted rate of $403.4 billion, as construction related to education, communication and manufacturing increased.
Public construction spending increased by 1.4 percent to $304.9 billion (SAAR), after falling 0.1 percent in September. Construction related to public safety and conservation and development posted strong gains, while construction related to power fell slightly.
Read the Census release.
