Oct. construction spending in U.S. tops expectations
Construction spending across the United States rose 1.1 percent in October, according to the U.S. Census Bureau, continuing an upward trend for the year.
Total construction spending reached a seasonally adjusted annual rate of $971 billion in October. The increase was nearly double the 0.6-percent prediction from analysts polled by Yahoo Finance.
During the first 10 months of the year, construction spending totaled $800.6 billion, 5.8 percent above the $756.5 billion for the same period in 2013.
Private construction for October came in at a seasonally adjusted annual rate of $692.4 billion, 0.6 percent above September, with residential construction accounting for $353.8 billion.
Meanwhile, public construction reached a seasonally adjusted rate of $278.6 billion, an increase of 2.3 percent over September. Education construction was up 2.2 percent to $64.5 billion, while highway construction increased 1.1 percent to a seasonally adjusted rate of $82 billion.
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