Construction Spending Rose 0.4% in October

Washington, DC, December 2, 2024-Construction spending during October 2024 was estimated at a seasonally adjusted annual rate of $2,174.0 billion, 0.4% above the revised September estimate of $2,164.7 billion, according to the U.S. Census Bureau.

The October figure is 5.0% above the October 2023 estimate of $2,071.1 billion. During the first ten months of this year, construction spending amounted to $1,814.8 billion, 7.2% above the $1,693.2 billion for the same period in 2023.

Spending on private construction was at a seasonally adjusted annual rate of $1,676.4 billion, 0.7% above the revised September estimate of $1,664.7 billion. Residential construction was at a seasonally adjusted annual rate of $934.0 billion in October, 1.5% above the revised September estimate of $920.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $742.3 billion in October, 0.3% below the revised September estimate of $744.4 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $497.6 billion, 0.5% below the revised September estimate of $500.0 billion. Educational construction was at a seasonally adjusted annual rate of $105.3 billion, 0.4% below the revised September estimate of $105.7 billion. Highway construction was at a seasonally adjusted annual rate of $141.1 billion, 0.7% below the revised September estimate of $142.1 billion.