Construction spending increases in October

Construction spending during October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6% above the revised September estimate of $2,014.7 billion. The October figure is 10.7% above the October 2022 estimate of $1,830.5 billion. During the first ten months of this year, construction spending amounted to $1,646.0 billion, 5.6% above the $1,559.1 billion for the same period in 2022.

Spending on private construction was at a seasonally adjusted annual rate of $1,579.3 billion, 0.7% above the revised September estimate of $1,567.9 billion. Residential construction was at a seasonally adjusted annual rate of $884.4 billion in October, 1.2% above the revised September estimate of $873.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $694.8 billion in October, 0.1% above the revised September estimate of $694.2 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $447.8 billion, 0.2% above the revised September estimate of $446.9 billion.

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