U.S. construction spending increased 0.8% in October, according to the U.S. Department of Commerce. This marks the third consecutive month in which construction spending increased.
Overall construction spending in October was at a seasonally adjusted annual rate of $798.5 billion, slightly above the revised September estimate of $792.1 billion. Still, the October figure is 0.4 percent below the October 2010 estimate of $802.0 billion.
During the first 10 months of this year, construction spending amounted to $655.5 billion, 2.9 percent below the $675.4 billion for the same period in 2010.
Private construction spending was at a seasonally adjusted annual rate of $518.6 billion, 2.3 percent above the revised September estimate of $507.1 billion. Residential construction was at a seasonally adjusted annual rate of $239.0 billion in October, 3.4 percent above the revised September estimate of $231.2 billion.
