Con­struc­tion Spend­ing up As Pub­lic Build­ing Surges

The Bond Buyer - - Market News -

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.

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