The US Census Bureau of the Department of Commerce reported Monday that construction spending during October 2012 was estimated at a seasonally adjusted annual rate of $872.1 billion, 1.4 percent above the revised September estimate of $860.4 billion. The October figure is 9.6 percent above the October 2011 estimate of $795.7 billion. During the first 10 months of this year, construction spending amounted to $707.4 billion, 9.3 percent above the $646.9 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $592.1 billion, 1.6 percent above the revised September estimate of $582.7 billion. Residential construction was at a seasonally adjusted annual rate of $294.2 billion in October, 3 percent above the revised September estimate of $285.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $297.9 billion in October, 0.3 percent above the revised September estimate of $297.0 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $280.1 billion, 0.8 percent above the revised September estimate of $277.7 billion. Educational construction was at a seasonally adjusted annual rate of $69.3 billion, 0.9 percent above the revised September estimate of $68.6 billion. Highway construction was at a seasonally adjusted annual rate of $76.7 billion, 2.4 percent below the revised September estimate of $78.6 billion.
All major segments of construction spending increased in October, bringing total spending to a 37-month high at an annualized rate of $872 billion, according to an analysis of new federal data released today by the Associated General Contractors of America. "Widespread gains in spending in October, along with hefty upward revisions to estimates for the previous two months, show that construction has finally come out of its long slump," said Ken Simonson, the association's chief economist. "Although all major spending categories are far below pre-recession highs, they are well above their recent low points."