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Posted December 2, 2020

U.S. construction spending increases 4.3 percent year over year in October 

Residential building leads the way with 2.9 percent growth for month.


The U.S. Census Bureau announced the following value put in place construction
statistics for October 2020:

Total Construction

Construction spending during October 2020 was estimated at a seasonally adjusted annual rate of $1,438.5 billion, 1.3 percent (±1.0 percent) above the revised September estimate of $1,420.4 billion. The October figure is 3.7 percent (±1.3 percent) above the October 2019 estimate of $1,386.8 billion.

During the first ten months of this year, construction spending amounted to $1,189.6 billion, 4.3 percent (±1.0 percent) above the $1,140.4 billion for the same period in 2019.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,093.7 billion, 1.4 percent (±0.7 percent) above the revised September estimate of $1,078.9 billion.

Residential construction was at a seasonally adjusted annual rate of $637.1 billion in October, 2.9 percent (±1.3 percent) above the revised September estimate of $619.1 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $456.6 billion in October, 0.7 percent (±0.7 percent)* below the revised September estimate of $459.9 billion.

Public Construction

In October, the estimated seasonally adjusted annual rate of public construction spending was $344.8 billion, 1.0 percent (±1.6 percent)* above the revised September estimate of $341.4 billion.

Educational construction was at a seasonally adjusted annual rate of $86.4 billion, 1.1 percent (±2.5 percent)* above the revised September estimate of $85.4 billion.

Highway construction was at a seasonally adjusted annual rate of $92.6 billion, 1.6 percent (±4.3 percent)* above the revised September estimate of $91.2 billion.

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