October’s construction values show positive signs

On November 24, the Census Bureau reported the value of construction put-in-place in October rose 0.9%, bringing the seasonally adjusted rate to $922 billion. October’s figure was the fifth straight monthly increase and fourth consecutive monthly record.

Overall, construction in the first 10 months of 2003 was up 3.7% compared to the first 10 months of 2002. Private residential and public construction contributed to the increase, with gains of 9% and 3%, respectively. Those gains compensated for the 6% decrease in private non-residential construction, which is at its lowest level in six years.