December 1, 2021
Total Construction
Construction spending is expected to be $1,598.0 billion in October 2021, up 0.2% (±1.2%) from the revised September’s estimate of $1594.8 billion. The October amount is 8.6% (±1.3%) higher than the October 2020 projection of $1,471.7 billion. Construction investment reached $1,323.1 billion in the first ten months of this year, up 7.5% (±1.0%) from $1,230.8 billion in the same period of 2020.
Private Construction
Private construction spending was $1,245.0 billion on a seasonally adjusted yearly basis, down 0.2% (±0.7%) from the revised September estimate of $1,247.9 billion. In October, residential building grew at a seasonally adjusted annual pace of $774.7 billion, down 0.5% (±1.3%) from September’s revised estimate of $778.6 billion. In October, nonresidential construction grew at a seasonally adjusted annual pace of $470.3 billion, up 0.2% (±0.7%) from September’s revised estimate of $469.4 billion.
Public Construction
The anticipated seasonally adjusted annual rate of public construction spending in October was $353.0 billion, 1.8% (±2.0%) below the revised September estimate of $346.8 billion. The seasonally adjusted annual rate of educational building was $82.2 billion was 0.2% (±2.0%) above the revised September forecast of $82.0 billion. Highway construction was at a seasonally adjusted annual rate of $102.5 billion, 2.4% (±4.9%) below the revised September estimate of $100.1 billion.
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