Construction Spending Maintains Solid Year-to-Date Growth Rate with +7.2% YOY Increase

Construction spending during Oct. 2024 was estimated at a seasonally adjusted annual rate of $2,174 billion, +0.4% above the revised September estimate of $2,164.7 billion. According to the latest Census data, the October figure is +5% above the Oct. 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.

Private construction

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 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.
Data center construction increased +3.2% to $29,992 million in October, a +37.4% increase. Construction of private Computer/electronic/electrical manufacturing facilities declined -2.1% in October  to $126,274 million but remained up +17.6 YOY.

Public construction

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 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.