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U.S. construction advances 1.1 percent in October

Single-family home sales inch up 0.7 percent for month.


The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2014 was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1 percent (±1.8%)* above the revised September estimate of $960.3 billion. The October figure is 3.3 percent (±2.0%) 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 (±1.3%) above the $756.5 billion for the same period in 2013.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $692.4 billion, 0.6 percent (±0.8%)* 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 (±1.3%)* above the revised September estimate of $349.1 billion.

Sales of new single-family houses in October 2014 were at a seasonally adjusted annual rate of 458,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent (±16.5%)* above the revised September rate of 455,000 and is 1.8 percent (±17.4%)* above the October 2013 estimate of 450,000.

The median sales price of new houses sold in October 2014 was $305,000; the average sales price was $401,100. The seasonally adjusted estimate of new houses for sale at the end of October was 212,000. This represents a supply of 5.6 months at the current sales rate.

Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 0.1 percent (±0.8%)* below the revised September estimate of $338.9 billion.

PUBLIC CONSTRUCTION
In October, the estimated seasonally adjusted annual rate of public construction spending was $278.6 billion, 2.3 percent (±3.1%)* 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 (±3.8%)* 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 (±7.6%)* above the revised September estimate of $81.1 billion.

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