Construction spending in October rose 1.4 percent above the revised September figure of $860.4 billion, according to the U.S. Census Bureau and the U.S. Department of Commerce. Spending in October totaled $872.1 billion, a 9.6 percent year-over-year gain.
As The Real Deal reported last month, the September figures showed the first gain in spending following a large drop in July and another fall in August. But even with the declines over the summer, the first 10 months of 2012 have seen construction spending reach $707.4 billion — a 9.3 percent year-over-year increase.
Residential construction in October ticked in at a seasonally adjusted rate of $294.2 billion, which comes at a 3 percent month-over-month gain. Non-residential construction, including office, transportation, religious and health care construction, posted a slight 0.3 percent month-over-month gain to $297.9 billion.
In the public construction sector, which includes spending on educational and highway construction, the numbers rose 0.8 percent month-over-month to $69.3 billion.
As The Real Deal reported, construction employment in October saw widespread declines attributed to uncertainty about federal tax and investment programs and declining public sector demand. — Zachary Kussin