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.