US construction spending in October was at an annual rate of $798.5 billion, reflecting a 0.8 percent increase from September, although remaining 0.4 percent below the October 2010 level. Year-to-date through October, construction spending is at a $655.5 billion annual rate, 2.9 percent below the $675.4 billion for the same period in 2010.
The month-on-month increase in October was driven by a 2.3 percent jump in private construction spending, which was at an annual rate of $518.6 billion. Residential construction was up 3.4 percent in October and non-residential construction rose 1.3 percent.
On the other hand, public construction spending was at a $279.9 billion annual rate in October, 1.8 percent below the revised September level of $285 billion.