Construction Spending up As Public Building Surges
Construction spending rose 0.3% in September, with a 0.4% decrease in private construction and a larger 2.6% increase in public construction, data released by the Commerce Department Wednesday morning showed.
Analysts had expected construction spending to be unchanged after a positive 0.5% reading for August. With the latest data, August construction was revised down to a 0.1% increase, while July spending was revised up slightly to 0.9% decrease from the 1.2% decline previously reported.
Private residential construction spending was flat in the month, with new home building rising 0.3% based on an MNI calculation. Single-family building rose 0.2%, while multi-family building saw a larger 0.6% gain from August.
Public construction jumped 2.6% in September, after a 0.7% rise in August.