WASHINGTON - Construction spending during October 2003 was estimated at a seasonally adjusted annual rate of $922 billion, 0.9 percent above the revised September estimate of $913.5 billion, according to the U.S. Commerce Department's Census Bureau. The increase was higher than expected by industry analysts and the spending level set a record for the fourth consecutive month.

The October figure is 7 percent above the October 2002 rate of $861.9 billion. During the first 10 months of this year, construction spending amounted to $747.6 billion, 3.7 percent above the $721.3 billion for the same period of 2002.

Residential construction was at a seasonally adjusted annual rate of $484.1 billion in October, 2.2 percent above the revised September estimate of $473.6 billion, and a new record high.

The estimated seasonally adjusted annual rate of public construction spending in October was $224.7 billion, 1.2 percent above the revised September estimate of $222.0 billion. Educational construction was at a seasonally adjusted annual rate of $58.7 billion, 2.6 percent above the revised September estimate of $57.2 billion.

Publication date: 12/15/2003