Construction expenditures so far this year continue to
run ahead of what was spent in 2016, with private construction accounting for
most of the increase. Residential
spending remains a top star, out-shown only by private sector commercial
construction.
The U.S. Census Bureau said on Friday that the total amount
of construction put in place in October was at a seasonally adjusted annual
rate of $1.242 trillion and $111.814 billion unadjusted. The seasonally
adjusted number was an increase of 1.4 percent from September and 2.9 percent
year-over-year. During the year-to-date through October total spending was
$1.029 trillion compared to $988.780 billion for the same period in 2016, an
increase of 4.1 percent.
Private sector construction was at a seasonally
adjusted rate of $949.946 billion compared to $943.846 billion in September and
$920,097 billion in October 2016. These
represent increases of 0.6 and 3.2 percent respectively. Overall private sector
spending through October, $794.672 billion, was 6.6 percent higher than during the
same period last year.
Residential spending had the second greatest increase in
spending for the year through the end of October, in both total spending and
private sector spending, up about 11 percent in both cases. For October, residential spending was at a
seasonally adjusted rate of $517.703 billion, $267.246 of which was for single-family
construction and was up 0.4 percent for the month and 7.4 percent compared to
October 2016. Spending on new single-family
construction rose 0.3 and 8.9 percent for the two periods.
On a non-adjusted basis, the private sector spent $46.875
on residential construction in October, up from 46.207 billion in
September. Single family construction
accounted for 24.315 billion of the October number, down slightly from
September. Year-to-date through October,
there was $433.161 invested in residential construction, $219.763 on
single-family homes. These are increases
of 11.2 and 9.0 percent respectively from the first 10 months of 2016. Only commercial construction beat out the
residential increase; it was up 14.7 percent year-to-date.
A seasonally adjusted and annualized $291.592 billion was
spent on all public construction during October, up 3.9 percent from September
and 1.8 percent year-over-year. Residential construction expenditures declined
by 3.0 percent and 10.3 percent for the two periods to $6.210 billion. Public spending on housing is down 5.2
percent over the first 10 months of 2017.