October construction spending was estimated at a seasonally adjusted annual rate of $1,241.5 billion, 1.4 percent above the revised September estimate of $1,224.6 billion, according to the U.S. Census Bureau of the Department of Commerce. The October figure is 2.9 percent above the October 2016 estimate of $1,206.6 billion.
During the first 10 months of this year, construction spending amounted to $1,029.6 billion, 4.1 percent above the $988.8 billion for the same period in 2016.
Spending on private construction was at a seasonally adjusted annual rate of $949.9 billion, 0.6 percent above the revised September estimate of $943.8 billion. Residential construction was at a seasonally adjusted annual rate of $517.7 billion in October, 0.4 percent above the revised September estimate of $515.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $432.2 billion in October, 0.9 percent above the revised September estimate of $428.4 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $291.6 billion, 3.9 percent above the revised September estimate of $280.7 billion. Educational construction was at a seasonally adjusted annual rate of $79 billion, 10.9 percent above the revised September estimate of $71.2 billion. Highway construction was at a seasonally adjusted annual rate of $86.8 billion, 1.1 percent above the revised September estimate of $85.9 billion.
