BEAT: Construction Spending Jumps 1.4%

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Photo: Daniel Goodman / Business Insider

The October construction spending report is out and it beat economists expectations.Click Here For Updates >

Spending was up 1.4 per cent in October versus the expectation for 0.5 per cent month-over-month growth.

From the Census:

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 per cent (±2.0%)* above the revised September estimate of $860.4 billion. The October figure is 9.6 per cent (±2.3%) 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 per cent (±1.3%) 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 per cent (±1.5%) 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 per cent (±1.3%) 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 per cent (±1.5%)* 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 per cent (±3.1%)* above the revised September estimate of $277.7 billion. Educational construction was at a seasonally adjusted annual rate of $69.3 billion, 0.9 per cent (±5.6%)* above the revised September estimate of $68.6 billion. Highway construction was at a seasonally adjusted annual rate of $76.7 billion, 2.4 per cent (±7.2%)* below the revised September estimate of $78.6 billion.

Here’s a break down of the various components:

construction spending

Photo: Census

This is up from the 0.6 per cent growth seen in September.

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