Construction Spending Surged in October

Construction spending grew 1.4% to a seasonally adjusted annual level (SAAL) of $1,241.5 billion, in October, according to the Census Bureau. September’s spending estimate was revised up to a rate of $1,224.6 billion. October’s figure is 2.9% greater than the October 2016 estimate of $1,206.6 billion.

Total private construction, rebounding after three consecutive monthly declines, was $949.9 billion SAAL, a 0.6% increase from the revised September estimate of $943.8 billion. Total private construction is 3.2% higher than the October 2016 figure.

Private residential construction was $517.7 billion SAAL, 0.4% higher than September’s rate. October’s figure was 7.4% greater than its October 2016 estimate.

Private nonresidential construction was $432.2 billion, 0.9% above September’s estimate. October’s rate is 1.3% less than the October 2016 figure.

Public construction increased 3.9% to $291.6 billion SAAL. October’s figure is 1.8% above the October 2016 estimate.

Read the Census release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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