Value of Construction Put in Place at a Glance - October 2014

OCTOBER 2014 CONSTRUCTION AT $971.0 BILLION ANNUAL RATE

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2014 was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1 percent (±1.8%)* above the revised September estimate of $960.3 billion. The October figure is 3.3 percent (±2.0%) above the October 2013 estimate of $939.9 billion.

During the first 10 months of this year, construction spending amounted to $800.6 billion, 5.8 percent (±1.3%) above the $756.5 billion for the same period in 2013.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $692.4 billion, 0.6 percent (±0.8%)* above the revised September estimate of $688.0 billion. Residential construction was at a seasonally adjusted annual rate of $353.8 billion in October, 1.3 percent (±1.3%)* above the revised September estimate of $349.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $338.6 billion in October, 0.1 percent (±0.8%)* below the revised September estimate of $338.9 billion.

PUBLIC CONSTRUCTION

In October, the estimated seasonally adjusted annual rate of public construction spending was $278.6 billion, 2.3 percent (±3.1%)* above the revised September estimate of $272.3 billion. Educational construction was at a seasonally adjusted annual rate of $64.5 billion, 2.2 percent (±3.8%)* above the revised September estimate of $63.1 billion. Highway construction was at a seasonally adjusted annual rate of $82.0 billion, 1.1 percent (±7.6%)* above the revised September estimate of $81.1 billion.

November 2014 data will be released on January 2, 2015 at 10:00 A.M. EST.

For more detailed data and methodologies, go to our website:

http://www.census.gov/constructionspending

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EXPLANATORY NOTES

In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for total construction and as long as 8 months for specific categories of construction.  The statistics in this release are estimated from several sources and surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimates of the standard errors are provided in Table 3. Whenever a statement such as "2.3 (±3.1) percent above" appears in the text, this indicates the range (-0.8 to +5.4 percent) in which the actual percent change is likely to have occurred. All ranges given are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. Statistics for the current month are preliminary estimates subject to revision in following months as additional data become available. The average absolute percent changes from preliminary estimate to first revision for the major seasonally adjusted components are as follows: total construction, 1.1 percent; private construction, 1.4 percent; and public construction, 1.6 percent.

Value of Construction Put in Place at a Glance

October 2014

	Seasonally Adjusted Annual Rate				Not Seasonally Adjusted
	(millions of dollars)				(millions of dollars)
Total	970,989	XLS (11k)	PDF (31k)		89,644	XLS (11k)	PDF (31k)
Private	692,396	XLS (15k)	PDF (36k)		63,598	XLS (15k)	PDF (36k)
Residential	353,802	XLS (8k)	PDF (16k)		33,383	XLS (8k)	PDF (16k)
Nonresidential	338,595	XLS (8k)	PDF (18k)		30,215	XLS (8k)	PDF (18k)
Public	278,593	XLS (11k)	PDF (24k)		26,046	XLS (11k)	PDF (24k)
State and Local	253,632	XLS (11k)	PDF (31k)		24,196	XLS (11k)	PDF (31k)
Federal	24,961	XLS (8k)	PDF (18k)		1,850	XLS (8k)	PDF (18k)

Source: U.S. Census Bureau