October construction spending was estimated at a seasonally adjusted annual rate of $1,107.4 billion, 1 percent above the revised September estimate of $1,096.6 billion, according to the U.S. Census Bureau of the Department of Commerce. The October figure is 13 percent above the October 2014 estimate of $979.6 billion.
During the first 10 months of this year, construction spending amounted to $888.1 billion, 10.7 percent above the $802.3 billion for the same period in 2014.
Spending on private construction was at a seasonally adjusted annual rate of $802.4 billion, 0.8 percent above the revised September estimate of $795.8 billion. Residential construction was at a seasonally adjusted annual rate of $399 billion in October, 1 percent above the revised September estimate of $395.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $403.4 billion in October, 0.6 percent above the revised September estimate of $400.8 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $304.9 billion, 1.4 percent above the revised September estimate of $300.8 billion. Educational construction was at a seasonally adjusted annual rate of $69.2 billion, nearly the same as the revised September estimate of $69.2 billion. Highway construction was at a seasonally adjusted annual rate of $94.1 billion, 1.1 percent above the revised September estimate of $93.1 billion.
