Economic Buzz: US Construction Spending Rises 0.2% In September

2 Nov 2022 , 09:25 AM

Construction spending in the U.S. unexpectedly showed a modest increase in the month of October, according to a report released by the Commerce Department on Tuesday. The report said construction spending inched up by 0.2 percent to an annual rate of $1.811 trillion in September after falling by 0.6 percent to a revised rate of $1.807 trillion in August. The unexpected increase in construction spending came as spending on private construction rose by 0.4 percent to an annual rate of $1.450 trillion. While spending on residential construction was virtually unchanged at an annual rate of $918.0 billion, spending on non-residential construction jumped by 1.0 percent to a rate of $532.3 billion. Meanwhile, the report said spending on public construction decrease by 0.4 percent to an annual rate of $360.9 billion.Powered by Commodity Insights