U.S. Oct. construction spending up 0.8%
U.S. Oct. construction spending up 0.8% (by Greg Robb)
WASHINGTON (MarketWatch) - Outlays for U.S. construction projects rose 0.8% in October, the Commerce Department reported Thursday. The increase put spending on building at a seasonally adjusted annual rate of $798.5 billion. This is still below the $799.6 billion level reached in June. The gain in construction spending in October was above analysts' expectations of a 0.3% gain. Year-over-year, construction spending is down 0.4%. The data fit with recent trends where gains in private sector demand was partly offset by declines in public sector activity. In October, spending on private construction rose 2.3%, with residential construction up 3.4%. Spending on public projects fell 1.8%.