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.