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Construction spending rose in October

Dec. 2, 2013 at 11:44 AM

WASHINGTON, Dec. 2 (UPI) -- Construction outlays rose 0.8 percent in October over September to a seasonally adjusted annual rate of $908.4 billion, the U.S. Census Bureau reported Monday.

The bureau said spending was 5.3 percent higher than construction outlays in October 2012 when spending came to $863.1 billion.

Spending on private-sector projects totaled $625.7 billion on a seasonally adjusted basis, 0.5 percent below the September estimate of $629 billion.

In October, a seasonally adjusted annual rate of $326.9 billion was spent on residential projects, a 0.6 percent below September's estimated rate of $328.7. Private spending on commercial projects came to a seasonally adjusted annual rate of $298.9 billion in October, 0.5 percent below the September estimate of $300.2 billion.

The estimated seasonally adjusted annual rate of public construction spending in October was $282.7 billion, 3.9 percent higher than the September estimate of $272.2 billion.

Educational construction was at a seasonally adjusted annual rate of $64 billion, up 8.5 percent from September's estimated spending rate, which came to $59 billion. Highway construction was at a seasonally adjusted annual rate of $83.3 billion, 0.6 percent above September's estimate of $82.8 billion, the department said.

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