AGC: October construction outlays slip despite some gains
Construction spending fell 1.2 percent from September to October, to a seasonally adjusted annual rate of $1.07 trillion, the Census Bureau reported today. However, Census bumped up its estimates for September and August by more than $20 billion (2 percent) each, enough to improve the estimate for third-quarter gross domestic product. Private residential spending in October was down 3.5 percent from September and 24 percent from October 2007. Private nonresidential spending fell 0.7 percent for the month but rose 9.1 percent from a year before. Public spending climbed 0.7 percent and 7.4 percent, according to a Dec. 1 Data DIGest report.