Construction spending increased 1.3% in October to $1.43 trillion. Year-over-year, overall construction spending increased 3.7%, the U.S. Census Bureau reports.
The spending growth was attributed to the residential construction sector, which increased spending 2.9% in October and 14.6% compared with October 2019.
Nonresidential construction spending, meanwhile, remained flat in October and dropped 3.7% year-over-year.
“The October spending report shows private nonresidential construction is continuing to slide,” stated Ken Simonson of the Associated General Contractors of America. “Public construction spending has fluctuated in recent months, but both types of nonresidential spending have fallen significantly from recent peaks this year and appear to be heading even lower.”
The full AGC analysis can be found here.
