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October Construction Spending Surges 1.4 Percent

The October 2017 figure is 2.9 percent above the October 2016 estimate of $1,206.6 billion

December 01, 2017
The October 2017 figure is 2.9 percent above the October 2016 estimate of $1,206.6 billion

The Commerce Department reported that seasonally adjusted construction spending in October was $1,241.5 billion, a 1.4 percent increase above September's revised estimate of  $1,224.6 billion.

The October 2017 figure is 2.9 percent above the October 2016 estimate of $1,206.6 billion, and for the first 10 months of this year is 4.1 percent last year's $988.8 billion.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $949.9 billion, 0.6 percent above the revised September estimate of $943.8 billion.

  • Residential construction was at a seasonally adjusted annual rate of $517.7 billion in October, 0.4 percent  above the revised September estimate of $515.4 billion.
  • Nonresidential construction was at a seasonally adjusted annual rate of $432.2 billion in October , 0.9 percent above the revised September estimate of $428.4 billion

Public Construction

In October , the estimated seasonally adjusted annual rate of public construction spending was $291.6 billion, 3.9 percent above the revised September estimate of $280.7 billion.

  • Educational construction was at a seasonally adjusted annual rate of $79.0 billion, 10.9 percent above the revised September estimate of $71.2 billion.
  • Highway construction was at a seasonally adjusted annual rate of $86.8 billion, 1.1 percent above the revised September estimate of $85.9 billion.

The overall economy grew at a healthy annual rate of 3.3 percent in the July-September quarter, the best showing in three years, even though residential construction declined for a second straight quarter. Economists remain optimistic that the low level of unemployment — 4.1 percent in October — will spark a sustained rebound in sales and construction.

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