Construction Spending Revised Up to Seven Month High

December 1, 2016

The Commerce Department reported construction spending in the U.S. increased 0.5 percent in October to a seven-month high of $1.173 trillion, and up 3.4 percent from October 2015.

Commerce also revised August and September figures. August showed a 0.5 percent gain instead of the previously reported 0.5 drop, and September spending was revised to show it unchanged instead of the earlier reported 0.4 percent decline.

October's high reflects gains in home building and public outlays.

Private construction projects slipped 0.2 percent in October as spending on private nonresidential projects, such as industrial, institutional, and road building, dropped 2.1 percent after falling 0.8 percent in September.

Private residential construction spending rose 1.6 percent after increasing 0.6 percent in September.

The government reported on Tuesday that spending on nonresidential structures contributed 0.26 percentage point to the third-quarter's 3.2 percent annualized growth rate.

Public construction spending jumped 2.8 percent in October and state and local government construction projects advanced 2.3 percent, both gaining for a third straight month.

Federal government construction spending surged 8.1 percent, reversing September's 1.6 percent drop.

 

Value of Construction Put in Place October 2016 - Seasonally Adjusted Rate
Total in millions      1,172,638      PDF  
Private 885,850 PDF
Residential 466,238 PDF
Nonresidential 419,612 PDF
Public 286,788 PDF
State & Local 263,051 PDF
Federal  23,738 PDF

 

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