Construction Spending Increases in October

Construction spending was at a seasonally adjusted annual rate of $1,598.0 billion in October, 0.2% above the revised September estimate of $1,594.8 billion. October’s figure is 8.6% above the October 2020 estimate of $1,471.7 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,245.0 billion, 0.2% below the revised September estimate of $1,247.9 billion. Private residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, 0.5% below the revised September estimate of $778.6 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $470.3 billion in October, 0.2% above the revised September estimate of $469.4 billion.

In September, the estimated seasonally adjusted annual rate of public construction spending was $353.0 billion, 1.8% above the revised September estimate of $346.8 billion.

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