Private Construction Little-Changed Near 6-Year Highs

Total construction expenditures nationwidernin October are estimated to have been at a seasonally adjusted annual rate ofrn$971.0 billion.  The Census Bureau saidrnthat this represented an increase of 1.1 percent from the September estimate ofrn$960.3 billion and was 3.3 percent higher than a year earlier when total expendituresrnwere at a rate of $939.9 billion.</p

Total residential spending in October wasrnat a rate of $359.2 billion, an increase of 1.3 percent month-over-month andrn1.7 percent year-over-year.  </p

On a non-seasonally adjusted basis totalrnconstruction spending in October was $89.6 billion compared to $87.2 billion arnyear earlier.  Total year-to-daternconstruction spending is 5.8 percent higher than in 2013.  Through October 2014 spending is estimated tornhave been $800.6 billion compared to $756.5 billion during the same period inrn2013.  </p

Private construction spending in total isrnestimated at a seasonally adjusted annual rate of $692.4 billion, 0.6 percentrnhigher than in September when spending was estimated at $688.0 billion and 4.0rnpercent above the $665.5 billion in expenditures a year earlier.  Year-to-date spending is up 8.1 percent fromrnan estimate of $528.3 billion through October 2013 to $571.0 billion thus farrnthis year.</p

Private spending on residentialrnconstruction in October was at a seasonally adjusted annual rate of $353.8rnbillion compared to $349.1 billion in September, a 1.3 percent gain.  The October number was 1.9 percent higherrnthan private residential construction spending in October 2013, estimated atrn$347.3 billion.</p

Of private residential constructionrnexpenditures $197.8 billion was for single family units and $45.3 wasrnmultifamily construction.  The singlernfamily figure is 1.8 percent above September’s estimate and13.2 percent higherrnthan a year earlier. Multifamily construction spending was 1.0 and 27.2 percentrnhigher than in the two corresponding earlier periods.  Multifamily construction spending is alsornrunning 35 percent higher on a year-to-date basis than in 2013; $35.5 billionrnvs $26.4 billion.</p

On a non-adjusted basis privaternresidential spending in October was 33.4 billion compared to $33.2 billion arnyear earlier.  New residential singlernfamily construction accounted for $17.9 billion of the total.  Private single family construction in Octoberrn2013 was estimated at $15.8 billion.</p

Total public construction monies expendedrnin October were at an estimated annual rate of $278.6 billion, an increase ofrn2.3 percent from September and 1.5 percent from October 2013.  Residential spending was at an annual rate ofrn$5.3 billion, a decrease of 2.2 percent on a monthly and 11.0 percent on anrnannual basis.  Year-to-date publicrnresidential construction spending is down 15.5 percent compared to the samernperiod in 2013. 

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