ConDig (03-Dec-18).  US construction expenditure drifted lower for the third straight month in October as spending on private projects edged down, according to latest figures from the Commerce Department.

Construction spending fell 0.1% to $1.31 trillion as outlays on private projects fell 0.4% to a seasonally adjusted annual rate of $998.7 billion.

It comes as residential construction was at a seasonally adjusted annual rate of $539.0 billion in October, 0.5% below the revised September estimate of $541.7 billion, while nonresidential construction was at a seasonally adjusted annual rate of $459.7 billion in October, 0.3% down on the revised September estimate of $461.3 billion.

But public construction posted a 0.8% rise to $310.2 billion as educational construction was at a seasonally adjusted annual rate of $76.9 billion, 2.6% above the revised September estimate of $75.0 billion. Highway construction was at a seasonally adjusted annual rate of $94.6 billion, 0.1% down the revised September estimate of $94.6 billion.

Despite the fall in October, spending for the year-to-date compared with the same period last year was up 5.1% at a $1,096.4 billion from $1,043.6 billion for the first ten months of 2017.