US construction spending for October -0.3% vs -0.3% estimate

• US construction spending for October fell -0.3% versus 1013% estimate.
• Prior month revise to +0.1% from 0.2% previously reported
• private construction fell to -0.5%. Residential construction fell -0.3%. Nonresidential construction fell -0.8%.
• Public spending +0.6%. Educational construction rose 0.5%. Highway construction fell -0.8%
• Total construction came in at $1794.9 billion. Last month the spending came in at $1800.1 billion
• During the first 10 months of the year construction spending amounted to $1507.8 billion +10.8% above the 1360.8 billion for the same. In 2021.

Looking at the trend, the total construction and the private construction is tilting to the downside. Public construction is moving marginally higher.

Private construction at $1420.4 billion is much higher than public construction at $374.6 billion.

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