Spending on Construction Up
WASHINGTON (AP) — U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government buildings. The increase suggests the 16-day partial government shutdown didn’t slow public projects.
The Commerce Department says construction spending increased 0.8 percent in October to a seasonally adjusted annual rate of $908.4 billion. That’s up from September, when spending fell 0.3 percent. The October pace was the best since May 2009. Spending has increased 5.3 percent in the 12 months ending in October.
A 3.9 percent surge in public buildings drove the October increase. But construction of private homes and commercial projects fell 0.5 percent. Both the October and September figures were released Monday, after reporting was delayed due to shutdown in October.