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Public Spending Buoys October Construction Numbers

Construction spending was lower on a month-over-month basis in October, but an increase in public sector spending held the overall decline to a minimum.  The U.S. Census Bureau said that total expenditures on spending nationwide was at a seasonally adjusted annual rate of $1.309 trillion, down 0.1 percent from the revised (from $1.330 trillion) September rate of 1.311 trillion.  Overall spending has been relatively flat for some months, but spending is up year-over-year by 4.9 percent.

On a non-adjusted basis total spending was $117.333 billion during the month compared to $117.898 in September.  For the year-to-date (YTD) through October total spending of $1.044 trillion is 5.1 percent higher than through the first 10 months in 2017.

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