Construction Spending Up Slightly

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WASHINGTON, Dec. 1 (UPI) — Construction spending for October was 0.8 percent above September’s revised estimate of $792.1 billion, the U.S. Census Bureau reported Thursday.

Spending on private and public projects for September reached $798.5 billion, the monthly construction spending report said.

Spending for October came in 0.4 percent below October 2010, when spending came to $802 billion.

Spending on private construction was at a seasonally adjusted annual rate of $518.6 billion, 2.3 percent above the revised September estimate of $507.1 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $239 billion in October, 3.4 percent above the revised September estimate of $231.2 billion. Non-residential construction was at a seasonally adjusted annual rate of $279.6 billion in October, 1.3 percent above the revised September estimate of $275.9 billion.

The estimated seasonally adjusted annual rate of public construction spending in October was $279.9 billion, 1.8 percent lower than the revised September estimate of $285 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $72.2 billion, 1.8 percent below the revised September estimate of $73.6 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $80.1 billion, 0.4 percent below the revised September estimate of $80.5 billion.

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