October Construction Spending Sets Records

Overall construction spending reached a record high in October, totaling a seasonally adjusted annual rate of $1.241 trillion, an increase of 1.4 percent from September. However, government data analyzed by the Associated General Contractors of America shows public-sector infrastructure investments lagging behind other public and private spending.

“There was healthy growth this October in both public and private construction spending, with an exceptionally strong surge in public educational construction,” said Ken Simonson, the association’s chief economist. “But for the first 10 months of 2017 combined, public investment—specifically in infrastructure—has fallen short of the already inadequate amounts posted in the same period of 2016.”