October construction spending up 0.4%
Construction spending during October 2024 was estimated at a seasonally adjusted annual rate of $2,174.0 billion, 0.4% (±1.2%) above the revised September estimate of $2,164.7 billion.
The October figure is 5.0% (±1.5%) above the October 2023 estimate of $2,071.1 billion. During the first 10 months of this year, construction spending amounted to $1,814.8 billion, 7.2% (±1.2%) above the $1,693.2 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,676.4 billion, 0.7% (±0.7%) * above the revised September estimate of $1,664.7 billion. Residential construction was at a seasonally adjusted annual rate of $934.0 billion in October, 1.5% (±1.3%) above the revised September estimate of $920.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $742.3 billion in October, 0.3% (±0.7%) * below the revised September estimate of $744.4 billion.
Public Construction
In October, the estimated seasonally adjusted annual rate of public construction spending was $497.6 billion, 0.5% (±2.0%) * below the revised September estimate of $500.0 billion. Educational construction was at a seasonally adjusted annual rate of $105.3 billion, 0.4% (±2.5%) * below the revised September estimate of $105.7 billion. Highway construction was at a seasonally adjusted annual rate of $141.1 billion, 0.7% (±5.3%) * below the revised September estimate of $142.1 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.
