The Corner

More Good Econ News

WASHINGTON (Reuters) – U.S. construction spending

surged unexpectedly in September to a record high as outlays

for both residential and nonresidential building posted gains,

a government report showed on Monday.

Overall construction spending climbed 1.3 percent to a

seasonally adjusted $910.63 billion in September, from $898.83

billion in August, the Commerce Department said. Analysts

polled by Reuters had expected a 0.3 percent increase.

The August increase was revised upward to 0.7 percent from

0.2 percent.

Private residential construction spending rose 1.4 percent

to $471.45 billion from $464.96 billion, the highest level on

record, as mortgage interest rates near historically low levels

attracted homebuyers.

Private non-residential construction spending rose 2.5

percent, the biggest jump in nearly a year, to $219.17 billion

from $213.91 billion in the previous month.

Overall public construction and state and local

construction spending hit record highs.


The Latest