The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2016 was estimated at a seasonally adjusted annual rate of $1.173 tillion, 0.5 percent above the revised September estimate of $1.167 trillion. The October figure is 3.4 percent above the October 2015 estimate of $1.134 trillion.During the first 10 months of this year, construction spending amounted to $972.2 billion, 4.5 percent above the $930.7 billion for the same period in 2015.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $885.9 billion, 0.2 percent below the revised September estimate of $887.4 billion. Residential construction was at a seasonally adjusted annual rate of $466.2 billion in October, 1.6 percent above the revised September estimate of $458.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $419.6 billion in October, 2.1 percent below the revised September estimate of $428.6 billion.
PUBLIC CONSTRUCTION
In October, the estimated seasonally adjusted annual rate of public construction spending was $286.8 billion, 2.8 percent above the revised September estimate of $279.1 billion. Educational construction was at a seasonally adjusted annual rate of $72.2 billion, 4.1 percent above the revised September estimate of $69.4 billion. Highway construction was at a seasonally adjusted annual rate of $91.5 billion, 1.9 percent above the revised September estimate of $89.8 billion.
