The U.S. Census Bureau of the Department of Commerce announced that construction spending during October 2013 was estimated at a seasonally adjusted annual rate of $908.4 billion, 0.8 percent (±1.8%) above the September estimate of $901.2 billion. The October figure is 5.3 percent (±2.1%) above the October 2012 estimate of $863.1 billion.

During the first 10 months of this year, construction spending amounted to $747.0 billion, 5.0 percent (±1.3%) above the $711.7 billion for the same period in 2012.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $625.7 billion, 0.5 percent (±1.0%)* below the September estimate of $629.0 billion. Residential construction was at a seasonally adjusted annual rate of $326.9 billion in October, 0.6 percent (±1.3%)* below the September estimate of $328.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $298.9 billion in October, 0.5 percent (±1.0%)* below the September estimate of $300.2 billion.

Public Construction

In October, the estimated seasonally adjusted annual rate of public construction spending was $282.7 billion, 3.9 percent (±3.0%) above the September estimate of $272.2 billion. Educational construction was at a seasonally adjusted annual rate of $64.0 billion, 8.5 percent (±4.1%) above the September estimate of $59.0 billion. Highway construction was at a seasonally adjusted annual rate of $83.3 billion, 0.6 percent (±6.9%)* above the September estimate of $82.8 billion.