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U.S. Construction Ticks Up in October

Residential building advances 3.4 percent; public construction rises 1.8 percent.

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The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2011 was estimated at a seasonally adjusted annual rate of $798.5 billion, 0.8 percent (±1.6%)* above the revised September estimate of $792.1 billion. The October figure is 0.4 percent (±1.9%)* below the October 2010 estimate of $802.0 billion.

During the first 10 months of this year, construction spending amounted to $655.5 billion, 2.9 percent (±1.1%) below the $675.4 billion for the same period in 2010.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $518.6 billion, 2.3 percent (±1.1%) above the revised September estimate of $507.1 billion.

Residential construction was at a seasonally adjusted annual rate of $239.0 billion in October, 3.4 percent (±1.3%) above the revised September estimate of $231.2 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $279.6 billion in October, 1.3 percent (±1.1%) above the revised September estimate of $275.9 billion.

PUBLIC CONSTRUCTION
In October, the estimated seasonally adjusted annual rate of public construction spending was $279.9 billion, 1.8 percent (±2.4%)* below the revised September estimate of $285.0 billion.

Educational construction was at a seasonally adjusted annual rate of $72.2 billion, 1.8 percent (±4.3%)* below the revised September estimate of $73.6 billion.

Highway construction was at a seasonally adjusted annual rate of $80.1 billion, 0.4 percent (±5.6%)* below the revised September estimate of $80.5 billion.