WASHINGTON - Construction spending was up 0.8% to a seasonally adjusted estimated annual rate of $798.5 billion in October from a revised level of $792.1 billion in September, the Commerce Department reported Thursday.
The October rate, the third monthly increase, was the highest since June 2011 when it was estimated at $799. 6 billion, but was 0.4% below the October 2010 rate of $802.0 billion.
Economists polled by Thomson Reuters had predicted a 0.4% increase in the rate.
Spending on private construction was at a seasonally adjusted estimated rate of $518.6 billion, 2.3% above the revised September estimate of $507.1 billion. The October figure was the highest since January 2010 when it was estimated at $519.3 billion.
Residential construction was $239.0 billion in October, 3.4% above the revised rate of $231.2 billion for September. Nonresidential construction was $279.6 billion, 1.3% above the revised September estimate of $275.9 billion, and the highest since December 2009 when it was $286.8 billion.
Public construction spending was $279.9 billion, 1.8% below the revised September estimate of $285 billion, the lowest rate since July when it was estimated at $277.4 billion.
