US Construction Spending Increases 0.4% in October

On Monday, the US Census Bureau reported that total construction spending during October was estimated at a seasonally adjusted rate (SAAR) of $2,174.0 billion, 0.4% above the revised September estimate of $2,164.7 billion. The figure is 5.0% above the October 2023 estimate of $2,071.1 billion.

During the first ten months of this year, construction spending amounted to $1,814.8 billion, 7.2% above the $1,693.2 billion for the same period in 2023.

In October, private construction spending was at a SAAR of $1,676.4 billion, 0.7% above the revised September estimate of $1,664.7 billion. Residential construction was at a SAAR of $934.0 billion, 1.5% above the revised September estimate of $920.3 billion. Nonresidential construction was at a SAAR of $742.3 billion, 0.3% below the revised September estimate of $744.4 billion.

The estimated seasonally adjusted annual rate of public construction spending was $497.6 billion, 0.5% below the revised September estimate of $500.0 billion. Educational construction was at a SAAR of $105.3 billion, 0.4% below the revised September estimate of $105.7 billion. Highway construction was at a SAAR of $141.1 billion, 0.7% below the revised September estimate of $142.1 billion.