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Weighing in On Construction Spending

home buildersThe U.S. Census Bureau on Monday announced the values to be put in place for construction statistics in October 2018.

The report provides monthly estimates of the total dollar value of construction work done in the U.S. and covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction, and contractor’s profits.

The report estimated total construction spending in October 2018 at a seasonally adjusted annual rate of $1,308.8 billion, a 0.1 percent fall from the revised September estimate of $1,310.8 billion. The October figure reflects an increase of 4.9 percent from the October 2017 estimate of $1,247.5 billion. Construction spending amounted to  $1,096.4 billion from January to October, increasing 5.1 percent above the $1,043.6 billion for the same period in 2017.

Private construction spending recorded a seasonally adjusted annual rate of $998.7 billion, 0.4 percent below the revised September estimate of $1,003.0 billion. The report found that residential construction was 0.5 percent down in October at a seasonally adjusted annual rate of $539 billion on a month over month basis. Nonresidential construction reflected a seasonally adjusted annual rate of $459.7 billion in October, declining 0.3 percent below the revised September estimate of $461.3 billion, the report revealed.

According to the Bureau, the estimated seasonally adjusted annual rate of public construction spending for October rose 08. Percent month over month to $310.2 billion. It also noted that educational construction was at a seasonally adjusted annual rate of $76.9 billion, 2.6 percent above the revised September estimate of $75.0 billion.

The report stated highway construction recorded a seasonally adjusted annual rate of $94.6 billion, 0.1 percent below the revised September estimate of $94.6 billion.

Read the full report here.

About Author: Donna Joseph

Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at donna.joseph@thefivestar.com.
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