Construction spending declined in October

WASHINGTON, Dec. 1 (UPI) -- Spending on private and public construction in the United States fell 1.2 percent in October, the U.S. Commerce Department said Monday.

Construction fell to a seasonally adjusted annual rate of $1.072 trillion, a drop from September's revised estimate of $1.085 trillion, the report said.

From January through October, construction declined 5.7 percent compared with a year ago, dropping to $906.3 billion, the U.S. Census Bureau reported.

Private construction, at a seasonally adjusted annual rate of $756.5 billion fell 2 percent below September's revised figure of $771.9 billion, the report said.

Residential private construction fell 3.5 percent in October with seasonally adjusted annual spending at $338.8 billion.

Non-residential private spending on construction projects fell 0.7 percent on the month to an adjusted annual rate of $417.7 billion.

Public construction rose in October, up 0.7 percent to $316.1 billion.

Educational construction rose 1.2 percent to $88 billion while highway construction outlays fell 0.9 percent to $81.8 billion, the government said.