US construction spending shows modest increase in October

(RTTNews) – The Commerce Department released a report on Wednesday showing a modest increase in construction spending in the United States in October.

The report says construction spending rose 0.2% to an annual rate of $ 1,598 billion in October, after declining 0.1% to a revised rate of $ 1,595 billion in September. .

Economists expected construction spending to rise 0.4% from the 0.5% drop initially reported for the previous month.

The modest increase in construction spending came as public construction spending jumped 1.8% to an annual rate of $ 353.0 billion.

Spending on highway construction rose 2.4% to $ 102.5 billion, while spending on school construction rose 0.2% to $ 82.2 billion. dollars.

Meanwhile, the Commerce Department said private construction spending fell 0.2% to an annual rate of $ 1.245 billion.

Spending on residential construction fell 0.5% to a rate of $ 774.7 billion, more than offsetting the 0.2% increase in spending on non-residential construction at a rate of $ 470.3 billion .

The Commerce Department noted that total construction spending in October was up 8.6% from the same month a year ago.

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