Construction spending in the United States stood at a seasonally adjusted annual rate of $1,291.1 billion in October, the US Census Bureau said on Monday. The figure slid 0.8% compared to a revised September estimate of $1,301.8 billion.
The seasonally adjusted rate in October grew 1.1% on an annual basis.
Private construction slid 1% month-over-month to amount to $956.3 billion.
Meanwhile, residential construction dropped 0.9% to $508.2 billion in October, as well as nonresidential construction spending that stood at $448.1 billion, falling 1.2% on a monthly basis.
Public construction went down 0.2% compared to September’s figure, amounting to $334.8 billion, despite the fact educational construction surged 2.5% to $83.3 billion in October.
Highway construction was at a seasonally adjusted annual rate of $95.0 billion, marking a 2.2% slip month-on-month.
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