October revealed healthy construction activity across the board with a 9.6% year-over-year increase and a 1.4% increase since last month, the United States Consensus Bureau reported Monday.
Construction spending during the month of October was estimated at a seasonally adjusted annual rate of $872.1 billion. Year-to-date, construction spending equaled $707.4 billion.
Private residential spending led the October jump in activity, increasing 3% last month. Additionally, new single-family properties showed a rise of 3.6%, while new multi-family construction spiked 6.2% and residential excluding new homes increased 1.8%.
“The construction sector continues to improve but largely in housing with the single-family component perhaps joining the multifamily component with notable strength,” commented Econoday.
Click on the image below to see a chart of construction spending since 2008.
