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AGC: October construction outlays slip despite some gains

Post Time:Dec 02,2008Classify:Industry NewsView:109

Construction spending fell 1.2 percentfrom September to October, to a seasonally adjusted annual rate of $1.07 trillion, the Census Bureau reported today. However, Census bumped up its estimates for September and August by more than $20 billion (2 percent) each, enough to improve the estimate for third-quarter gross domestic product. Private residential spending in October was down 3.5percentfrom September and 24percentfrom October 2007. Private nonresidential spending fell 0.7percentfor the month but rose 9.1percentfrom a year before. Public spending climbed 0.7percentand 7.4 percent, according to a Dec. 1 Data DIGestreport.

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