October 2014 construction spending was estimated at a seasonally adjusted annual rate of $971 billion, 1.1 percent above the revised September estimate of $960.3 billion, according to the U.S. Census Bureau of the Department of Commerce. The October figure is 3.3 percent above the October 2013 estimate of $939.9 billion.
During the first 10 months of this year, construction spending amounted to $800.6 billion, 5.8 percent above the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $692.4 billion, 0.6 percent above the revised September estimate of $688 billion. Residential construction was at a seasonally adjusted annual rate of $353.8 billion in October, 1.3 percent above the revised September estimate of $349.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 0.1 percent below the revised September estimate of $338.9 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $278.6 billion, 2.3 percent above the revised September estimate of $272.3 billion. Educational construction was at a seasonally adjusted annual rate of $64.5 billion, 2.2 percent above the revised September estimate of $63.1 billion. Highway construction was at a seasonally adjusted annual rate of $82 billion, 1.1 percent above the revised September estimate of $81.1 billion.
