Construction spending for October rose 1.4% to a seasonally adjusted annual rate of$872.1 billion, the Department of Commerce announced today. That figure is 9.6% above the estimate for October 2011 and provides further evidence of a continued housing recovery.
The October 2012 figure beat market estimates of 0.4%, and is almost three times larger than September 2012's revised 0.5% month-over-month increase.
Spending on residential construction increased 3% month over month, supported by a 6.2% jump in private multifamily housing construction and a 3.6% increase in single-family construction.
Compared to October 2011, private construction has increased 15.5%, while public construction has dipped 1%.