Construction spending up in October
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Manufacturing News, Source : TheManufacturer.com
Published : 02 Dec 2003 17:05
According to a report released by the US Department of Commerce’s Census Bureau, spending on construction rose in October.
Construction spending put in place during October was estimated at a seasonally adjusted annual rate of $922 billion, 0.9 percent above the revised September estimate of $913.5 billion. The October figure is seven percent above the October 2002 estimate of $861.9 billion.
During the first 10 months of this year, construction spending amounted to $747.6 billion, 3.7 percent above the $721.3 billion for the same period in 2002.
Spending on private construction was at a rate of $697.4 billion, 0.8 percent above the revised September estimate of $691.5 billion. Residential construction was at a seasonally adjusted annual rate of $484.1 billion in October, 2.2 percent above the revised September estimate of $473.6 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $224.7 billion, 1.2 percent above the revised September estimate of $222 billion. Educational construction was at a seasonally adjusted annual rate of $58.7 billion, 2.6 percent above the revised September estimate of $57.2 billion. Highway construction was at a seasonally adjusted annual rate of $63.9 billion, 0.6 percent below the revised September estimate of $64.3 billion.
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