October Construction Keeps Pace With September But Down 14.4 Percent YTY

The U.S. Census Bureau of the Department of Commerce announced that construction spending during October 2009 was estimated at a seasonally adjusted annual rate of $910.8 billion, nearly the same as the revised September estimate of $910.4 billion.

The October figure is 14.4 percent below the October 2008 estimate of $1,064.1 billion. During the first 10 months of this year, construction spending amounted to $794.0 billion, 12.6 percent below the $908.9 billion posted for the same period in 2008.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $589.0 billion, 0.3 percent above the revised September estimate of $587.2 billion. Residential construction was at a seasonally adjusted annual rate of $250.3 billion in October, 4.4 percent above the revised September estimate of $239.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 2.5 percent below the revised September estimate of $347.5 billion.

Public construction. In October, the estimated seasonally adjusted annual rate of public construction spending was $321.8 billion, 0.4 percent below the revised September estimate of $323.2 billion. Educational construction was at a seasonally adjusted annual rate of $85.7 billion, 1.1 percent above the revised September estimate of $84.7 billion.