DEC 1 The estimated seasonally adjusted annual rate of U.S. construction in October declined 1.2% versus September and 4.6% compared to one year ago, the U.S. Census Bureau reported today.
For the first ten months of the year, construction spending was 5.7% below the same period last year. The ten-month total was estimated at $906.3 billion compared to $960.9 billion through October 2007.
Private construction was at an estimated seasonably adjusted rate of $756.5 billion, 2% below the September figure.
The rate of residential construction in October was 3.5% below September, at $338.8 billion.
The non-residential construction rate for the month was 0.7% below September.
The rate of public construction rose slightly in October. The estimated seasonally adjusted rate of $316.1 billion was 0.7% above September.
The rate of educational construction was 1.2% above the previous month.
Highway construction was 0.9% below September, at an adjusted rate of $81.8 billion.