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By: Kendall Jones on December 3rd, 2018

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U.S. Construction Spending Down 0.1% in October

Industry News | Blog Posts

Construction spending fell 0.1% in October to a seasonally adjusted annual rate of $1,308.8 billion. September’s estimate for construction spending was revised down from $1,329.5 billion to $1,310.8 billion. August’s estimate has also been revised down from $1,328.8 billion to $1,311.8 billion, per the latest monthly construction spending report from the U.S. Census Bureau.

 

The October estimate for total construction spending is 4.9% higher than a year ago when the October 2017 estimate was $1,247.5 billion. Total construction put in place (CPIP) for January through October 2018 totaled $1,096.4 billion. This is a 5.1% increase over the $1,043.6 billion spent during the first ten months of 2017.

In October, total nonresidential construction spending was up 0.1% to a seasonally adjusted annual rate of $763.8 billion. September’s estimate was revised down from $767.1 billion to $763.2 billion. August’s estimate was also revised down from $769.1 billion to $764.4 billion. Total nonresidential construction is up 7.3% from a year ago.

Total residential construction was estimated at a seasonally adjusted annual rate of $545.1 billion in October. This is 0.5% below September’s estimate which was revised down from $562.3 billion to $547.6 billion. August’s estimate was revised back down from $559.7 billion $547.5 billion. Total residential spending has increased only 1.7% over the last year.

Private construction spending fell to a seasonally adjusted annual rate of $998.7 billion in October. This is 0.4% below September’s estimate which has been revised down from $1,020.4 billion to $1,003.0 billion. August’s estimate which was revised down sharply from $1,016.9 billion to $999.2 billion. Total private construction spending is up 3.9% over the last 12 months.

During October, private nonresidential construction was at a seasonally annual adjusted rate of $459.7 billion. This is 0.3% below September’s estimate which was revised down from $463.9 billion to $461.3 billion. August’s estimate was revised back down from $463.5 billion to $458.3 billion. Private nonresidential construction spending has increased 6.4% over the past year.

Private residential construction spending was at a seasonally adjusted annual rate of $539.0 billion in October. This is 0.5% lower than September’s estimate which was revised down from $556.4 billion to $541.7 billion. August’s estimate has been revised back down from $553.4 billion to $540.9 billion. October’s annual rate for private residential construction is up just 1.8% over the last year.

The seasonally adjusted annual rate for public construction spending in October was estimated at $310.2 billion. This is 0.8% higher than September’s estimate which was revised down from $309.1 billion to $307.8 billion. August’s estimate was revised up slightly from $312.0 billion to $312.6 billion. October’s seasonally adjusted annual rate of public construction spending was up 8.5% from a year ago when the October 2017 estimate was $285.9 billion.