U.S. Census Bureau Reports Construction Spending Increased in October

The U.S. Census Bureau has announced that total construction spending during October 2020 was estimated at a seasonally adjusted annual rate of $1,438.5 billion, 1.3% above the revised September estimate of $1,420.4 billion. The October figure is 3.7% above the October 2019 estimate. During the first ten months of this year, construction spending amounted to $1,189.6 billion, 4.3% above the $1,140.47 billion for the same period in 2019. Spending on private construction was at a seasonally adjusted annual rate of $1,093.7 billion, 1.4% above the revised September estimate. Residential construction was at a seasonally adjusted annual rate of $637.1 billion in October, 2.9% above the revised September estimate. Nonresidential construction was at a seasonally adjusted annual rate of $456.6 billion in October, -0.7% below the revised September estimate. In October, the estimated seasonally adjusted annual rate of public construction spending was $344.8 billion, 1.0% above the revised September estimate. Educational construction was at a seasonally adjusted annual rate of $86.4 billion, 1.1% above the revised August estimate. of $83.7 billion. Highway construction was at a seasonally adjusted annual rate of $92.6 billion, 1.6% above the revised September estimate of $91.2 billion.