Construction spending rises 0.8% in October
U.S. construction spending rose 0.8 percent in October to its highest mark since May 2009, according to a report from our sister site, Equipment World.
The figures come from preliminary data from the Commerce Department, which show that total construction spending reached a seasonally adjusted annual rate of $908.4 billion in October — a 5.3-percent gain over October 2012.
The report was delayed by the 16-day partial government shutdown in October.
September’s report was delayed too, and the Commerce Department released that data with October’s. September spending was down 0.3 percent from August, and rates in July and August were lower than preliminary data showed.
Public construction spending drove the majority of growth, rising 3.9 percent to $282.7 billion — a 2.3-percent gain over a year ago.
Overall nonresidential spending increased 1.6 percent to $575 billion, while residential decreased 0.5 percent to $332.8 billion.
Total private construction fell 0.5 percent in October to $625.7 billion.
Private residential spending was down 0.6 percent to $326.8 billion, and private nonresidential spending fell 0.5 percent to $298.8 billion.
Public residential spending increased 4.6 percent to $6 billion, while nonresidential saw a 3.8-percent gain, rising to $276.7 billion.
Federal government construction spending was up 10.9 percent in October.