October Construction Spending Up 1.1%

Outlays for U.S. construction projects rose 1.1% in October to a seasonally adjusted annual rate of $971 billion, the U.S. Commerce Department reported Tuesday. Economists polled by MarketWatch had expected a 0.7% increase, compared with an originally reported drop of 0.4% in September. On Tuesday, the government revised September's decrease to 0.1%. Looking at private outlays in October, spending rose 1.3% for residential projects, but fell 0.1% for nonresidential projects. For overall public construction projects, spending rose 2.3%.

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