Photo: Reuters
WASHINGTON (Reuters) - U.S. construction spending increased more than expected in October, boosted by solid gains in investment in both private and public sector projects.
The Commerce Department said on Tuesday that construction spending jumped 1.3% in October. Data for September was revised down to show construction outlays declining 0.5% instead of rising 0.3% as previously reported.
Economists polled by Reuters had forecast construction spending would rise 0.8% in October. Construction spending increased 3.7% on a year-on-year basis in October.
Spending on private construction projects advanced 1.4%, fueled by investment in homebuilding amid record-low mortgage rates and a pandemic-driven migration to suburbs and low-density areas. Spending on residential projects shot up 2.9%.
But outlays on nonresidential construction like gas and oil well drilling fell 0.7% in October. The pandemic has crushed oil prices, resulting in a contraction in spending on nonresidential structures in the third quarter.
The fourth straight quarterly decline in spending on nonresidential structures bucked a rebound in overall business investment. Spending on public construction projects increased 1.0% in October.
Reprinted from Reuters. The copyright is reserved by the original author.
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