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Construction spending flat in October

Spending tracks at $802.3 billion annual rate, up just 0.7 percent over September but well below 2009 levels.

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The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2010 was estimated at a seasonally adjusted annual rate of $802.3 billion, 0.7 percent (±1.4%)* above the revised September estimate of $797.1 billion. The October figure is 9.3 percent (±1.8%) below the October 2009 estimate of $884.7 billion.

During the first 10 months of this year, construction spending amounted to $684.7 billion, 11.2 percent (±1.0%) below the $770.6 billion for the same period in 2009.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $481.8 billion, 0.8 percent (±1.1%)* above the revised September estimate of $477.8 billion.

Residential construction was at a seasonally adjusted annual rate of $229.6 billion in October, 2.5 percent (±1.3%) above the revised September estimate of $224.0 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $252.2 billion in October, 0.7 percent (±1.1%)* below the revised September estimate of $253.8 billion.

PUBLIC CONSTRUCTION
In October, the estimated seasonally adjusted annual rate of public construction spending was $320.5 billion, 0.4 percent (±2.1%)* above the revised September estimate of $319.2 billion.

Educational construction was at a seasonally adjusted annual rate of $75.0 billion, 1.7 percent (±3.0%)* below the revised September estimate of $76.3 billion.

Highway construction was at a seasonally adjusted annual rate of $87.0 billion, 1.2 percent (±5.0%)* above the revised September estimate of $86.0 billion.