Reflecting a jump in spending on private construction, the Commerce Department released a report on Thursday showing that U.S. construction spending increased in line with economist estimates in the month of October.
The report said construction spending climbed 0.5 percent to an annual rate of $1.173 trillion in October from the revised September estimate of $1.167 trillion.
The increase in total construction spending came as spending on public construction surged up by 2.8 percent to a rate of $286.8 billion in October from $279.1 billion in September.
Spending on state and local construction climbed by 2.3 percent to a rate of $263.1 billion, while spending on federal construction jumped by 8.1 percent to a rate of $23.7 billion.
On the other hand, the report said spending on private construction edged down by 0.2 percent to a rate of $885.9 billion in October from $887.4 billion in September.
While spending on residential construction surged up by 1.6 percent to a rate of $466.2 billion, spending on non-residential construction slumped by 2.1 percent to a rate of $419.6 billion.
The Commerce Department noted that total construction spending in October was up by 3.4 percent compared to the same month a year ago.
by RTT Staff Writer
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