Year-Over-Year Construction Spending Increases for October 2007

Dec 13, 2007 9:52 AM

Construction spending in October, at a seasonally adjusted annual rate of $1.158 trillion, fell 0.8% from September and 0.6% from October 2006, according to the Census Bureau. Private residential construction decreased 2.0% and 16.0%, respectively; private non-residential was down 0.5% and up 17.0%; and public construction rose 0.8% and 15.0%. The four biggest non-residential components (combining private and public construction) rose. Education was up by 2.0% and 19.0%; commercial, including retail, warehouse, and farm, rose 0.1% and 10.0%; highway jumped 0.8% and 9.2%; and office rose 1.6% and 19.0%.

According to the report, other segments varied compared to September, but all, except religious, increased compared to October 2006. Power decreased 5.9% for the month, but was up 20% compared to 2006. Health-care increased 0.8% for the month and 14% for the year. Manufacturing dropped 2.3% in October but gained 14% for the year. Manufacturing decreased 2.3% but gained 6.1%, lodging increased 0.8% and 64%. New single-family housing fell 4% for the month and 16% for the year. New multi-family housing decreased 0.2% for the month and 13% for the year. Residential improvements rose 0.5% for the month and 5.0% for the year.