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US Construction Spending Jumps 1.3% In October

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Construction continues outside of the Tom Bradley International Terminal at Los Angeles International Airport, in Los Angeles, Tuesday, Nov. 17, 2020. (Keith Birmingham/The Orange County Register via AP)

(AP) — U.S. construction spending jumped 1.3% in October for the fifth straight month, again on the strength of single-family home building. The Commerce Department reported Tuesday that the October gain follows an upward revision of 0.5% in September. Private residential construction projects rose 2.9% with single-family home building up a strong 5.6%. Spending on government construction projects also grew 1%. During the first ten months of 2020, construction spending is up 4.3 % over the same period last year. October’s construction spending report was stronger than analysts were expecting.

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