Construction Spending Up Month-Over-Month and Year-Over-Year in October

On Wednesday (12-1-21), the U.S. Census Bureau reported that total construction spending during October 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,598.0 billion, 0.2% above the revised September estimate of $1,594.8 billion. The October figure is 8.6% above the October 2020 estimate of $1,471.1 billion.

During the first 10-months of this year, construction spending amounted to $1,323.1 billion. This is 7.5% above the $1,230.8 billion for the same period in 2020.

Private construction spending was at a SAAR of $1,245.0 billion, -0.2% below the revised September estimate of $1,247.9 billion. Residential construction was at a SAAR of $774.7 billion in October, -0.5% below the revised September estimate of $778.6 billion.

Nonresidential construction was at a SAAR of $470.3 billion in October, 0.2% above the revised September estimate of $469.4 billion. The estimated SAAR of public construction spending was $353.1 billion which is 1.8% above the revised September estimate of $346.8 billion. Educational construction was at SAAR of $82.2 billion, 0.2% above the revised September estimate. Highway construction was at a SAAR of $102.5 billion, 2.4% above the revised September estimate of $101.1 billion.