Construction Industry Round Table (CIRT) - October Construction Spending Levels May Reflect Inflationary Pressure

October Construction Spending Levels May Reflect Inflationary Pressure

Wed, December 01, 2021 12:00 PM | Anonymous

Construction spending during October 2021 was estimated at a seasonally adjusted annual rate of $1,598.0 billion, 0.2 percent above the large upwardly revised September estimate of $1,594.8 billion. The October figure is 8.6 percent above the October 2020 estimate of $1,471.7 billion, aided in part by the beginning of a new federal government fiscal year, but also close to the current monthly inflation rate. During the first ten months of this year, construction spending amounted to $1,323.1 billion, some 7.5 percent above the $1,230.8 billion for the same period in 2020 – again, in part possibly reflecting the growing inflationary trends in the market.

PRIVATE CONSTRUCTION:
Spending on private construction was at a seasonally adjusted annual rate of $1,245.0 billion, 0.2 percent below the revised September estimate of $1,247.9 billion. Residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, 0.5 percent below the revised September estimate of $778.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $470.3 billion in October, 0.2 percent above the revised September estimate of $469.4 billion.