Construction Spending Up In October

October construction spending was 1.1 percent above its September estimate, while year-to-date spending is up nearly 6 percent.

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The U.S. Census Bureau of the Department of Commerce announced Tuesday that construction spending during October 2014 was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1 percent above the revised September estimate of $960.3 billion. The October figure is 3.3 percent above the October 2013 estimate of $939.9 billion.

During the first 10 months of this year, construction spending amounted to $800.6 billion, 5.8 percent above the $756.5 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $692.4 billion, 0.6 percent  above the revised September estimate of $688.0 billion. Residential construction was at a seasonally adjusted annual rate of $353.8 billion in October, 1.3 percent above the revised September estimate of $349.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 0.1 percent below the revised September estimate of $338.9 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $278.6 billion, 2.3 percent above the revised September estimate of $272.3 billion. Educational construction was at a seasonally adjusted annual rate of $64.5 billion, 2.2 percent above the revised September estimate of $63.1 billion. Highway construction was at a seasonally adjusted annual rate of $82.0 billion, 1.1 percent above the revised September estimate of $81.1 billion.

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