SILVER SPRING, Md. — U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-caused spring swoon.
The Commerce Department reported today that the September gain followed followed a revised gain of 1.3% in August. Spending on residential construction was strong yet again, with single-family home projects jumping 5.7%. Demand for single-family homes remains strong as buyers rush to the market pushed by historically low interest rates under 3%.
Total residential construction was up 2.7%, while government construction spending fell 1.7%.
Spending on non-residential private construction fell by 1.5%.
During the first nine months of 2020, construction spending is up 4.1% over the same period last year.