U.S. construction spending ticks down in October
Overall dip of 0.1 percent is due to a softer month in private construction.
The U.S. Census Bureau announced the following value put in place construction statistics for October 2018:
Total Construction
Construction spending during October 2018 was estimated at a seasonally adjusted annual rate of $1,308.8 billion, 0.1 percent (±1.5 percent)* below the revised September estimate of $1,310.8 billion. The October figure is 4.9 percent (±1.6 percent) above the October 2017 estimate of $1,247.5 billion.
During the first ten months of this year, construction spending amounted to $1,096.4 billion, 5.1 percent (±1.2 percent) above the $1,043.6 billion for the same period in 2017.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $998.7 billion, 0.4 percent (±0.8 percent)* below the revised September estimate of $1,003.0 billion.
Residential construction was at a seasonally adjusted annual rate of $539.0 billion in October, 0.5 percent (±1.3 percent)* below the revised September estimate of $541.7 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $459.7 billion in October, 0.3 percent (±0.8 percent)* below the revised September estimate of $461.3 billion.
Public Construction
In October, the estimated seasonally adjusted annual rate of public construction spending was $310.2 billion, 0.8 percent (±2.6 percent)* above the revised September estimate of $307.8 billion.
Educational construction was at a seasonally adjusted annual rate of $76.9 billion, 2.6 percent (±2.3 percent)* above the revised September estimate of $75.0 billion.
Highway construction was at a seasonally adjusted annual rate of $94.6 billion, 0.1 percent (±6.9 percent)* below the revised September estimate of $94.6 billion.
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