Construction spending rose in October

Construction spending rose 1.4 percent in October to $872.1 billion on a seasonally adjusted annual basis, the U.S. Census Bureau reported Mond Total construction spending in September was revised from $851.5 billion to $860.4 billion, the bureau said. Spending in October was 9.6 percent above October 2011 when $795.7 billion was spent on construction projects on a seasonally adjusted annual basis. Spending on private construction was at a seasonally adjusted annual rate of $592.1 billion, 1.6 percent higher than the revised estimate for September of $582.7 billion, the Census Bureau said. The report said residential construction was at a seasonally adjusted annual rate of $294.2 billion in October, 3 percent above the revised September figure of $285.7 billion. Non-residential private construction was at a seasonally adjusted annual rate of $297.9 billion, 0.3 percent above the $297 billion spent in September -- also a revised figure. The estimated seasonally adjusted annual rate of public construction spending in October was $280.1 billion, 0.8 percent above the revised September estimate of $277.7 billion, the Census Bureau said. Educational construction was at a seasonally adjusted annual rate of $69.3 billion, 0.9 percent above the revised September estimate of $68.6 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $76.7 billion, 2.4 percent below the revised September estimate of $78.6 billion.