Construction Spending for October Down Month-Over-Month but Up Year-Over-Year

On Thursday (12-1-22), the US Census Bureau reported that total construction spending during October 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,794.9 billion, 0.3% below the revised September estimate of $1,800.1 billion. The October figure is 9.2% above the October 2021 estimate of $1,644.3 billion.

During the first ten months of this year, construction spending amounted to $1,507.8 billion, 10.8% above the $1,360.8 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,420.4 billion in October, 0.5% below the revised September estimate of $1,427.6 billion. Residential construction was at a SAAR of $887.2 billion in October, 0.3% below the revised September estimate of $890.0 billion. Nonresidential construction was at a SAAR of $533.2 billion in October, 0.8% below the revised September estimate of $537.6 billion.

In October, the estimated SAAR of public construction spending was $374.6 billion, 0.6% above the revised September estimate of $372.5 billion. Educational construction was at a SAAR of $79.4 billion in October, 0.5% above the revised September estimate of $79.0 billion. Highway construction was at a SAAR of $113.4 billion in October, 0.8% below the revised September estimate of $114.3 billion.