Public Construction Spending Drives Modest Uptick in October
Public construction advanced 1.8 percent for month while private sectior spending lagged 0.2 percent.
The U.S. Census Bureau announced the following value put in place construction
statistics for October 2021:
Total Construction
Construction spending during October 2021 was estimated at a seasonally adjusted annual rate of $1,598.0 billion, 0.2 percent (±1.2 percent)* above the revised September estimate of $1,594.8 billion. The October figure is 8.6 percent (±1.3 percent) above the October 2020 estimate of $1,471.7 billion.
During the first ten months of this year, construction spending amounted to $1,323.1 billion, 7.5 percent (±1.0 percent) above the $1,230.8 billion for the same period in 2020.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,245.0 billion, 0.2 percent (±0.7 percent)* below the revised September estimate of $1,247.9 billion.
Residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, 0.5 percent (±1.3 percent)* below the revised September estimate of $778.6 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $470.3 billion in October, 0.2 percent (±0.7 percent)* above the revised September estimate of $469.4 billion.
Public Construction
In October, the estimated seasonally adjusted annual rate of public construction spending was $353.0 billion, 1.8 percent (±2.0 percent)* above the revised September estimate of $346.8 billion.
Educational construction was at a seasonally adjusted annual rate of $82.2 billion, 0.2 percent (±2.0 percent)* above the revised September estimate of $82.0 billion.
Highway construction was at a seasonally adjusted annual rate of $102.5 billion, 2.4 percent (±4.9 percent)* above the revised September estimate of $100.1 billion.
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