Spending on construction projects across the U.S. rose in September due to increased government outlays.
Total U.S. construction spending rose 0.3% from August to a seasonally adjusted annual rate of $1.22 trillion, the Commerce Department said Wednesday.
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Economists surveyed by The Wall Street Journal expected a 0.1% decrease in September.
The September gain was led by public-sector spending, up 2.6%. Private-sector spending fell 0.4% on the month, reflecting a decrease in non-residential outlays.
Construction spending in August rose a downwardly revised 0.1%, versus an earlier estimate of up 0.5%.
Spending on building rose 2% for the first nine months of 2017, compared to the same period in 2016.
Construction spending, which is not adjusted for inflation, reached a record high early this year. Since March, the trend has largely moved sideways.
The Commerce Department report on construction spending can be found at http://www.census.gov/construction/c30/c30index.html.
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(END) Dow Jones Newswires
November 01, 2017 10:15 ET (14:15 GMT)