The US Census Bureau of the Department of Commerce announced Wednesday that construction spending during October 2010 was estimated at a seasonally adjusted annual rate of $802.3 billion, 0.7 percent (±1.4 percent) above the revised September estimate of $797.1 billion. The October figure is 9.3 percent (±1.8 percent) below the October 2009 estimate of $884.7 billion.
During the first 10 months of this year, construction spending amounted to $684.7 billion, 11.2 percent (±1 percent) below the $770.6 billion for the same period in 2009.
Spending on private construction was at a seasonally adjusted annual rate of $481.8 billion, 0.8 percent (±1.1 percent) above the revised September estimate of $477.8 billion. Residential construction was at a seasonally adjusted annual rate of $229.6 billion in October, 2.5 percent (±1.3 percent) above the revised September estimate of $224 billion. Nonresidential construction was at a seasonally adjusted annual rate of $252.2 billion in October, 0.7 percent (±1.1 percent) below the revised September estimate of $253.8 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $320.5 billion, 0.4 percent (±2.1 percent) above the revised September estimate of $319.2 billion. Educational construction was at a seasonally adjusted annual rate of $75.0 billion, 1.7 percent (±3 percent) below the revised September estimate of $76.3 billion, while highway construction was at a seasonally adjusted annual rate of $87.0 billion, 1.2 percent (±5.0 percent) above the revised September estimate of $86.0 billion.