US Monthly Construction Spending Increases Month-Over-Month and Year-Over-Year in October

On Friday (12-1-23), the US Census Bureau reported that total construction spending during October was estimated at a seasonally adjusted annual rate (SAAR) of $2,027.1 billion, 0.6% above the revised September estimate of $2,014.7 billion. The October figure is 10.7% above the October 2022 estimate of $1,830.5 billion.

During the first ten months of 2023, construction spending amounted to $1,646.0 billion, 5.6% above the $1,559.1 for the same period in 2022.

Private construction spending in October was at a SAAR of $1,579.3 billion, 0.7% above the revised September estimate of $1,567.9 billion. Residential construction was at a SAAR of $884.4 billion, 1.2% above the revised September estimate of $873.6 billion. Nonresidential construction was at a SAAR of $694.8 billion, 0.1% above the revised September estimate of $694.2 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $447.8 billion, 0.2% above the revised September estimate of $446.9 billion. Educational construction was at a seasonally adjusted annual rate of $97.2 billion, 0.4% above the revised September estimate of $96.7 billion. Highway construction was at a SAAR of $132.0 billion, 0.3% below the revised September estimate of $132.4 billion.