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Construction Spending Climbs in October Setting Another Record

Wed, December 02, 2020 1:03 PM | Anonymous

Construction spending during October 2020 was estimated at a RECORD seasonally adjusted annual rate of $1,438.5 billion, 1.3 percent above the upward revised September estimate of $1,420.4 billion. Most of the increase spending (approximately $15 billion) came in the residential sector, as housing continues a very strong rebound, offset by some slippage in non-residential of $3.3 billion.  Augmenting the positive movement was higher public sector spending especially at the federal level resulting from the impact of a new fiscal year budget. The October figure is 3.7 percent above the October 2019 estimate of $1,386.8 billion. During the first ten months of this year, construction spending amounted to $1,189.6 billion, 4.3 percent above the $1,140.4 billion for the same period in 2019. 

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