The U.S. Census Bureau of the Department of Commerce announced construction spending during October 2014 was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1% above the revised September estimate of $960.3 billion. The October figure is 3.3% above the October 2013 estimate of $939.9 billion.

During the first 10 months of this year, construction spending amounted to $800.6 billion, 5.8% above the $756.5 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $692.4 billion, 0.6% above the revised September estimate of $688.0 billion. Residential construction was at a seasonally adjusted annual rate of $353.8 billion in October, 1.3% above the revised September estimate of $349.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 0.1% below the revised September estimate of $338.9 billion.

In October, the estimated seasonally adjusted annual rate of public construction spending was $278.6 billion, 2.3% above the revised September estimate of $272.3 billion. Educational construction was at a seasonally adjusted annual rate of $64.5 billion, 2.2% above the revised September estimate of $63.1 billion. Highway construction was at a seasonally adjusted annual rate of $82.0 billion, 1.1% above the revised September estimate of $81.1 billion.

To view the full Census Bureau report, click here.