The US Census Bureau announced today that construction spending during October 2021 was estimated at a seasonally adjusted annual rate of $1,598.0 billion, 0.2 percent (±1.2 percent) above the revised September estimate of $1,594.8 billion. The October figure is 8.6 percent (±1.3 percent) above the October 2020 estimate of $1,471.7 billion.
During the first 10 months of this year, construction spending amounted to $1,323.1 billion, 7.5 percent (±1.0 percent) above the $1,230.8 billion for the same period in 2020.
Spending on private construction was at a seasonally adjusted annual rate of $1,245.0 billion, 0.2 percent (±0.7 percent) below the revised September estimate of $1,247.9 billion. Residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, 0.5 percent (±1.3 percent) below the revised September estimate of $778.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $470.3 billion in October, 0.2 percent (±0.7 percent) above the revised September estimate of $469.4 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $353.0 billion, 1.8 percent (±2.0 percent) above the revised September estimate of $346.8 billion. Educational construction was at a seasonally adjusted annual rate of $82.2 billion, 0.2 percent (±2.0 percent) above the revised September estimate of $82.0 billion. Highway construction was at a seasonally adjusted annual rate of $102.5 billion, 2.4 percent (±4.9 percent) above the revised September estimate of $100.1 billion.