October construction spending rises half a percent
The U.S. Census Bureau announced total construction spending during October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6% (±1.0%)* above the revised September estimate of $2,014.7 billion. The October figure is 10.7% (±1.6%) above the October 2022 estimate of $1,830.5 billion. During the first ten months of this year, construction spending amounted to $1,646.0 billion, 5.6% (±1.2%) above the $1,559.1 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,579.3 billion, 0.7% (±0.8%)* above the revised September estimate of $1,567.9 billion. Residential construction was at a seasonally adjusted annual rate of $884.4 billion in October, 1.2% (±1.3%)* above the revised September estimate of $873.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $694.8 billion in October, 0.1 percent (±0.8 percent)* above the revised September estimate of $694.2 billion.
Public Construction
In October, the estimated seasonally adjusted annual rate of public construction spending was $447.8 billion, 0.2% (±2.0%)* above the revised September estimate of $446.9 billion. Educational construction was at a seasonally adjusted annual rate of $97.2 billion, 0.4% (±2.3%)* above the revised September estimate of $96.7 billion. Highway construction was at a seasonally adjusted annual rate of $132.0 billion, 0.3 percent (±4.8 percent)* below the revised September estimate of $132.4 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
