US construction spending up a strong 1.4 percent in October

December 01, 2017 - 10:05 am

WASHINGTON (AP) — U.S. construction spending surged 1.4 percent in October, the best gain in five months, with all major categories of building posting gains.

The Commerce Department says the October spending increase was the third monthly gain after more modest advances of 0.3 percent in September and 0.5 percent in August.

Home building was up 0.4 percent, with strength in single-family construction offsetting a drop in apartment building. Nonresidential construction rose 0.9 percent after four straight declines. Spending on government projects jumped 3.9 percent, the biggest one-month gain in three years, with spending at the federal and state and local levels all showing increases.

Though home building has been weak for much of the year, economists expect such construction to rebound as a strong job market boosts sales in coming months.

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