October Construction Spending Up 0.2% from September

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The U.S. Census Bureau announced the following value put in place construction statistics for October 2021:

GsfgmcU.S. Census Bureau

Total Construction

Construction spending during October 2021 was estimated at a seasonally adjusted annual rate of $1,598.0 billion, 0.2 percent (±1.2 percent)* above the revised September estimate of $1,594.8 billion. The October figure is 8.6 percent (±1.3 percent) above the October 2020 estimate of $1,471.7 billion. During the first ten months of this year, construction spending amounted to $1,323.1 billion, 7.5 percent (±1.0 percent) above the $1,230.8 billion for the same period in 2020.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,245.0 billion, 0.2 percent (±0.7 percent)* below the revised September estimate of $1,247.9 billion. Residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, 0.5 percent (±1.3 percent)* below the revised September estimate of $778.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $470.3 billion in October, 0.2 percent (±0.7 percent)* above the revised September estimate of $469.4 billion.

Public Construction

In October, the estimated seasonally adjusted annual rate of public construction spending was $353.0 billion, 1.8 percent (±2.0 percent)* above the revised September estimate of $346.8 billion. Educational construction was at a seasonally adjusted annual rate of $82.2 billion, 0.2 percent (±2.0 percent)* above the revised September estimate of $82.0 billion. Highway construction was at a seasonally adjusted annual rate of $102.5 billion, 2.4 percent (±4.9 percent)* above the revised September estimate of $100.1 billion. 

EXPLANATORY NOTES

In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for total construction and as long as 8 months for specific categories of construction.

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