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Nonresidential building spending drops 2.5 percent in Oct.

Nonresidential building construction spending fell 2.5 percent in October after a 0.5 percent gain in September, according to numbers from Reed Construction Data.

Spending fell at a 7.3 percent annual pace in the last three months, sharply lower than the nearly 25 percent pace over the previous six quarters. October spending was 22 percent below October 2009, according to Reed.

October construction spending declined 1.2 percent for institutional projects, including 1.5 percent drops for both education and healthcare.

According to Reed, nonresidential building construction spending is forecast to decline 22.8 percent this year, rise 0.5 percent in 2011 and 13.4 percent in 2012.

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