U.S. Oct construction spending up strongly

WASHINGTON, Dec 1 (BestGrowthStock) – U.S. construction spending
posted a surprisingly robust 0.7 percent gain in October,
matching the prior month’s rise as investment in both public
and private projects increased, the Commerce Department said on
Wednesday.

October’s gain, to a seasonally adjusted annual rate of
$802.32 billion, was sharply contrary to expectations of
economists surveyed by Reuters, who had predicted a 0.4 percent
decline in spending.

Spending on private construction projects rose 0.8 percent
to a $481.78 billion rate, double September’s 0.4 percent
increase, and included a 2.5 percent increase in spending on
new-home building.

Public construction spending gained 0.4 percent in October
to $320.54 billion a year after a 1.2 percent rise in September
– the strongest annual rate for public construction spending
since July 2009.

(Reporting by Glenn Somerville, Editing by Chizu Nomiyama)

U.S. Oct construction spending up strongly