October Sees Rise in Private Construction

Nonresidential construction was at a seasonally adjusted annual rate of $252.2 billion in October, 0.7 percent below the revised September estimate of $253.8 billion.

During the first 10 months of this year, construction spending amounted to $684.7 billion, 11.2 percent below the $770.6 billion for the same period in 2009.

Spending on private construction was at a seasonally adjusted annual rate of $481.8 billion, 0.8 percent above the revised September estimate of $477.8 billion. Residential construction was at a seasonally adjusted annual rate of $229.6 billion in October, 2.5 percent above the revised September estimate of $224 billion.

The value of private construction put in place from October 2009 to October of this year decreased from $52.089 billion to $43.761 billion, not seasonally adjusted, or a decrease of 16 percent. Residential construction decreased from $23.704 billion to $21.625 billion over that period, or a decrease of 8.8 percent.

Nonresidential construction decreased from $28.836 billion to $22.136 billion or 23.2 percent. Transportation was the one sector that improved, from $797 million to $802 million, or 0.6 percent.

- Courtesy of US Census Bureau