Construction Spending Rises in October

Construction spending rose 1.4% in October the Commerce Department said.

The increase brought outlays up to $872.1 billion, the most since September 2009 and followed a revised 0.5% decrease in September, that was smaller than previously estimated, Commerce said.

Economists had forecast a 0.5% increase, Bloomberg reported.

Private construction spending increased 1.6%, while homebuilding outlays rose 3% to 294.2 billion.

Public construction increased 0.8% from the prior month.

Separately, Commerce announced that new home sales fell 0.3% in October, to an annual rate of  368,000 homes. Purchases rose 62.2% in the Midwest to the highest level in three years, and increased 8.8% in the West. Sales dropped 32.3% in the Northeast.

© 2012, Transport Topics Publishing Group. All rights reserved.

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