Construction spending during October 2007 was estimated at a seasonally adjusted annual rate of $1,158.3 billion, 0.8 percent below the revised September estimate of $1,168.0 billion, according to&nbsp ; the U.S. Census Bureau of the Department of Commerce.
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The October figure is 0.6 percent below the October 2006 estimate of $1,164.9 billion. During the first 10 months of this year, construction spending amounted to $977.0 billion, 2.8 percent below the $1,005.3 billion for the same period in 2006.
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Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $863.2 billion, 1.4 percent below the revised September estimate of $875.2 billion. Residential construction was at a seasonally adjusted annual rate of $503.7 billion in October, 2.0 percent below the revised September estimate of $514.2 billion.
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Nonresidential construction was at a seasonally adjusted annual rate of $359.4 billion in October, 0.5 percent below the revised September estimate of $361.1 billion.
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Public Construction
In October, the estimated seasonally adjusted annual rate of public construction spending was $295.1 billion, 0.8 percent above the revised September estimate of $292.8 billion. Educational construction was at a seasonally adjusted annual rate of $85.3 billion, 2.1 percent above the revised September estimate of $83.5 billion.
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Highway construction was at a seasonally adjusted annual rate of $77.2 billion, 0.8 percent above the revised September estimate of $76.6 billion.