Industry News

Real estate construction spending levels off in October

Residential spending up 10.9% over last year

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Construction spending during October 2004 was estimated at a seasonally adjusted annual rate of $1.01 trillion, nearly the same (plus or minus 1.6 percent) as the revised September estimate, the U.S. Census Bureau announced today. The October figure is 7.1 percent (plus or minus 2.1 percent) above the October 2003 estimate of $942.2 billion. During the first 10 months of this year, construction spending amounted to $832.4 billion, 9 percent (plus or minus 1.4 percent) above the $763.6 billion for the same period in 2003. Private residential construction spending was at a seasonally adjusted annual rate of $549.4 billion in October, 0.3 percent (plus or minus 1.3 percent) below the revised September estimate of $551.1 billion and 10.9 percent above October 2003 spending. Month-to-month changes in seasonally adjusted statistics often show movements that may be irregular, the Census Bureau reported. It may take two months to establish an underlying trend for total construction and as lo...