Construction Spending Continues to Outpace 2022, Up 10.7% YOY in October to $2,027.1 Billion

Total construction spending during October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, +0.6% the revised September estimate of $2,014.7 billion. According to the U.S. Census Bureau, the October figure is +10.7%  above the October 2022 estimate of $1,830.5 billion. During the first ten months of this year, construction spending amounted to $1,646.0 billion, +5.6%  above the $1,559.1 billion for the same period in 2022.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,579.3 billion, +0.7% above the revised September estimate of $1,567.9 billion. Residential construction was at a seasonally adjusted annual rate of $884.4 billion in October, +1.2% above the revised September estimate of $873.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $694.8 billion in October, +0.1%  above the revised September estimate of $694.2 billion.

Public construction

In October, the estimated seasonally adjusted annual rate of public construction spending was $447.8 billion, +0.2% above the revised September estimate of $446.9 billion. Educational construction was at a seasonally adjusted annual rate of $97.2 billion, +0.4% above the revised September estimate of $96.7 billion. Highway construction was at a seasonally adjusted annual rate of $132.0 billion, -0.3% below the revised September estimate of $132.4 billion.