Dive Brief:
- In a two-for-one announcement of construction spending for both September and October, the Census Bureau said a jump in public-sector outlays in October put the annual pace at $908.4 billion, the highest since May 2009.
- The news was tempered, however, by revised numbers that spotlighted lower spending in July and August than was first reported, lower spending in the private sector and the fact that public-sector construction for the 10 months through October is still behind the same period in 2012.
- Single-family home construction was down 0.6% from September to October, but the January to October total remained 30% ahead of the 2012 period.
Dive Insight:
What is not in various reports of the Census figures is why public spending rose in October. The federal fiscal year began Oct. 1, so perhaps some programs had been waiting for new money to spend. The overall picture for public-sector spending remains bleak, however, with an overall decline as the federal government and states continue to cut budgets.