Industry News

Real estate construction spending climbs to $1.13 trillion

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Construction spending during October 2005 was estimated at a record seasonally annual rate of $1.13 trillion, about 0.7 percent above the revised September estimate and about 7.9 percent above the October 2004 estimate, the U.S. Census Bureau of the Department of Commerce announced today. During the first 10 months of this year, construction spending amounted to $930.9 billion, about 8.8 percent above the $855.3 billion for the same period in 2004. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Spending on private construction was at a seasonally adjusted annual rate of $877.8 billion, about 0.3 percent above the revised September estimate of $875 billion. Residential construction was at a seasonally adjusted annual rate of $630 billion in October, about 0.6 percent above the revised September estimate of $626.6 billion and 8.3 percent above the October 2004 rate. Nonresident...