Construction spending in America increased by 0.4%

Spending on construction projects in America rose last October more than expected.
The US Department of Commerce stated that construction spending rose by 0.4% to the equivalent of $2.174 trillion annually, after rising by 0.1% to the equivalent of $2.165 trillion last September.

Analysts’ expectations

Analysts had expected spending to grow by only 0.2%, while the higher than expected growth in spending came as a result of an increase in private sector spending by 0.7% to the equivalent of $1.676 trillion.
Spending on residential construction projects increased by 1.5% to the equivalent of $934 billion.
While spending on non-residential construction projects declined by 0.3% to the equivalent of $742.3 billion during October.

Construction projects in America

At the same time, the Ministry of Commerce report indicated a decline in spending on public construction projects by 0.5% to the equivalent of $497.6 billion annually.
This comes in light of the decline in spending on both educational projects and highways.