According to the Commerce Department, construction spending in October was estimated at a seasonally adjusted annual rate of $1.072 trillion, down 1.2 percent from September and 4.6 percent below October 2007 figures. During the first 10 months of the year, construction spending amounted to $906.3 billion, 5.7 percent below the $960.9 billion for the same period in 2007.

Spending on private construction was at a seasonally adjusted annual rate of $756.5 billion, two percent below the revised September estimate of $771.9 billion. Residential construction was at a seasonally adjusted annual rate of $338.8 billion in October, 3.5 percent below the revised September estimate of $351.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $417.7 billion in October, 0.7 percent below the revised September estimate of $420.6 billion.

In October, the estimated seasonally adjusted annual rate of public construction was $316.1 billion, 0.7 percent above the revised September estimate of $313.8 billion. Educational construction was at a seasonally adjusted annual rate of $88 billion, 1.2 percent above the revised September estimate of $86.9 billion. Highway construction was at a seasonally adjusted rate of $81.8 billion, slightly lower than September?EUR??,,????'???s revised estimate.