Construction Spending Grows 10.7% Year-Over-Year in October

Total construction spending rose 10.7% year-over-year in October to a seasonally adjusted annual rate of $2.027 trillion, according to the U.S. Census Bureau.

Compared with September, construction spending increased 0.6%.

“It is apparent that the construction market overall remains healthy,” stated Ken Simonson, the Associated General Contractors of America’s chief economist. “...On the residential side, single-family construction is picking up, while multifamily is descending from record highs.”

Residential construction rose 1.2% from September.

The full report can be found at this link.