According to the U.S. Census Bureau of the Department of Commerce, total construction spending for October 2014 was estimated at a seasonally adjusted annual rate of $971.0 billion. This rate is an increase of 1.1 percent from the revised September estimate of $960.3 billion. Compared to a year ago, the October rate is up 3.3 percent from that of the October 2013 rate, which was estimated at $939.9 billion. So far this year, construction spending has totaled $800.6 billion, an increase of 5.8 percent compared to the $756.5 billion for the first ten months of 2013.
Private construction spending in October was estimated at a seasonally adjusted annual rate of $692.4 billion, rising 0.6 percent from the revised September estimate of $688.0 billion. Residential construction spending for October was at a seasonally adjusted annual rate of $353.8 billion, an increase of 1.3 percent from the previous month’s revised estimate of $349.1 billion. Nonresidential construction spending for October was estimated at $338.6 billion, down a slight 0.1 percent from the revised September estimate of $338.9 billion.
Public construction spending in October was estimated at a seasonally adjusted annual rate of $278.6 billion, up 2.3 percent from the revised September estimate of $272.3 billion. Educational construction spending was at an adjusted rate of $64.5 billion, increasing 2.2 percent from the revised September estimate of $63.1 billion. Highway construction spending was estimated at an adjusted rate of $82.0 billion for October, rising 1.1 percent from the revised September estimate of $81.1 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
