US construction spending jumps 1.3% in October

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The Commerce Department reported that construction spending increased in October. PHOTO CREDIT: Mary Altaffer
The Commerce Department reported that construction spending increased in October. PHOTO CREDIT: Mary Altaffer
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Posted By: biztimes December 1, 2020

SILVER SPRING, Md. — U.S. construction spending jumped 1.3% in October, the fifth straight monthly increase, again on the strength of single-family home building.

The Commerce Department reported today that the October gain follows a strong upward revision of 0.5% in September. Private residential construction projects rose 2.9% with single-family home building up 5.6%.

Spending on government construction projects increased 1%.

During the first 10 months of 2020, construction spending is up 4.3% during the same period last year.

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