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Construction Spending Sees Slight Decline12-05-06 | News

Construction Spending Sees Slight Decline

WASHINGTON D.C. ?EUR??,,????'??+ Construction spending during October 2006 was estimated at a seasonally adjusted annual rate of $1.178 trillion, according to a Commerce Department report. This is one percent below the revised September estimate of $1.19 trillion and 0.5 percent above the October 2005 figure.

During the first 10 months of this year, construction spending amounted to $1.008 trillion, 5.9 percent above the $952.5 billion for the same period in 2005.

Spending on private construction was at a seasonally adjusted annual rate of $905.3 billion, 1.5 percent below the revised September estimate of $919 billion. Residential construction was at a seasonally adjusted annual rate of $597.1 billion in October, 1.9 percent below the revised September estimate of $608.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $308.2 billion in October, 0.7 percent below the revised September estimate of $310.2 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $273.1 billion, 0.8 percent above the revised September estimate of $271 billion. Educational construction was at a seasonally adjusted annual rate of $70.7 billion, 0.2 percent above the revised September estimate of $70.6 billion. Highway construction was at a seasonally adjusted annual rate of $76.2 billion, 0.3 percent above the revised September estimate of $76 billion.