2023.12.0114:40:00UTC+00U.S. Construction Spending Climbs More Than Expected In October

Construction spending in the U.S. rose by more than expected in the month of October, according to a report released by the Commerce Department on Friday, although the report also showed a downward revision to the increase in construction spending in September.

The Commerce Department said construction spending climbed by 0.6 percent to an annual rate of $2.027 trillion in October after rising by 0.2 percent to a revised rate of $2.015 trillion in September.

Economists had expected construction spending to rise by 0.4 percent, matching the increase originally reported for the previous month.

The report said spending on private construction advanced by 0.7 percent to an annual rate of $1.579 trillion in October.

Spending on residential construction jumped by 1.2 percent to a rate of $884.4 billion, and spending on non-residential construction inched up by 0.1 percent to a rate of $694.8 billion.

The Commerce Department said spending on public construction also edged up by 0.2 percent during the month to an annual rate of $447.8 billion.

Spending on educational construction rose by 0.4 percent to a rate of $97.2 billion, offsetting a 0.3 percent drop in spending on highway construction to a rate of $132.0 billion.