U.S. construction spending edges up 0.5% in October
U.S. construction spending was estimated to have increased 0.5% in October to a seasonally adjusted annual rate of $1,172.6 billion from the revised September's estimate of $1,166.5 billion, according to a report published by the U.S. Census Bureau on Thursday.
Annually, construction spending rose 3.4% in October from last October's estimate of $1,134.4 billion.
Spending on private construction fell 0.2% in October from September to a seasonally adjusted annual estimate of $885.9 billion. Residential construction rose 1.6% in the same period to $466.2 billion, while non-residential construction was down 2.1% to $419.6 billion.
Public construction grew 2.8% to $286.8 billion in October.