Construction spending across the U.S. during October was at a seasonally adjusted annual rate of $1.18 trillion, 1% below the revised September rate of $1.19 trillion, the U.S. Department of Commerce reported on Dec. 1.
Spending on private construction was at an annual rate of $905.3 billion, 1.5% below September's rate of $919 billion, dragged down mostly by a lower rate of residential construction.
Spending on public construction, which includes roads and schools, was at an annual rate of $273.1 billion in October, eight-tenths of a percent higher than the September rate of $271 billion.
