National nonresidential construction spending fell 0.7% in October but is up 1.4% compared to the same time last year, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, spending totaled $776.5 billion, 2.3% lower than the cyclical peak attained in April 2019.
Private nonresidential spending fell 1.2% on a monthly basis and is down 4.3% from October 2018. Public nonresidential construction spending also declined on a monthly basis, falling 0.1%. On an annual basis, however, public nonresidential spending is up 10.4%.