Construction spending in October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6% above September, according to the U.S. Census Bureau.
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The October figure is 10.7% above October 2022. During the first 10 months of this year, construction spending was $1,646.0 billion, 5.6% above the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,579.3 billion, 0.7% above September. Residential construction was at a seasonally adjusted annual rate of $884.4 billion in October, up 1.2%.
Nonresidential construction was at a seasonally adjusted annual rate of $694.8 billion in October, up 0.1%.
In October, the estimated seasonally adjusted annual rate of public construction spending was $447.8 billion, 0.2% above September. Educational construction was up 0.4% and highway construction spending down 0.3%.
