Construction spending up year-over-year
Construction spending slowed somewhat in October compared to September but remains well above the pace set in 2021.
Spending in October 2022 was estimated at a seasonally adjusted annual rate of $1,794.9 billion, 0.3 percent below the revised September estimate of $1,800.1 billion.
The October figure is 9.2 percent above the October 2021 estimate of $1,644.3 billion. During the first ten months of this year, construction spending amounted to $1,507.8 billion, 10.8 percent above the $1,360.8 billion for the same period in 2021.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,420.4 billion, 0.5 percent below the revised September estimate of $1,427.6 billion. Residential construction was at a seasonally adjusted annual rate of $887.2 billion in October, 0.3 percent below the revised September estimate of $890.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $533.2 billion in October, 0.8 percent below the revised September estimate of $537.6 billion.
Public Construction
In October, the estimated seasonally adjusted annual rate of public construction spending was $374.6 billion, 0.6 percent above the revised September estimate of $372.5 billion. Educational construction was at a seasonally adjusted annual rate of $79.4 billion, 0.5 percent above the revised September estimate of $79.0 billion. Highway construction was at a seasonally adjusted annual rate of $113.4 billion, 0.8 percent below the revised September estimate of $114.3 billion.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
