The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2012 was estimated at a seasonally adjusted annual rate of $872.1 billion, 1.4 percent above the revised September estimate of $860.4 billion. The October figure is 9.6 percent above the October 2011 estimate of $795.7 billion.

During the first 10 months of this year, construction spending amounted to $707.4 billion, 9.3 percent above the $646.9 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $592.1 billion, 1.6 percent above the revised September estimate of $582.7 billion. Residential construction was at a seasonally adjusted annual rate of $294.2 billion in October, 3.0 percent above the revised September estimate of $285.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $297.9 billion in October, 0.3 percent above the revised September estimate of $297.0 billion.

Public Construction

In October, the estimated seasonally adjusted annual rate of public construction spending was $280.1 billion, 0.8 percent above the revised September estimate of $277.7 billion. Educational construction was at a seasonally adjusted annual rate of $69.3 billion, 0.9 percent above the revised September estimate of $68.6 billion. Highway construction was at a seasonally adjusted annual rate of $76.7 billion, 2.4 percent below the revised September estimate of $78.6 billion.