US construction spending jumps 1.3% in October

Business

A construction worker walks down a staircase in the scaffolding of TSX Broadway under construction, Thursday, Oct. 29, 2020, in New York’s, Times Square. The 46-story mixed-use property will house 75,000 square feet of retail space, a 4,000-square-foot performance venue including an outdoor stage, an outdoor food and beverage terrace and a luxury hotel. U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-caused spring swoon. (AP Photo/Mary Altaffer)

February 07 2021 03:30 pm

SILVER SPRING, Md. (AP) — U.S. construction spending jumped 1.3% in October, again on the strength of single-family home building.

The October gain follows a downward revision in September to a 0.5% decline from a previous estimate of a 0.3% gain, the Commerce Department reported Tuesday. August’s number was also revised significantly upward and spending in October was stronger than economists had expected.

Single-family home building has been a consistent bright spot for months as a lack of new homes has pushed builders to ramp up projects. Single-family home construction rose 5.6% in October, helping to boost a 2.9% increase in total private residential construction for the month.

Nonresidential private construction fell 0.7%, with the category that includes hotels and other lodging falling 3.1%.

Spending on government construction projects increased 1% after generally lagging for months, possibly due to budget restraints by state and local governments as the pandemic wiped out large amounts of tax revenue. Construction of roads, schools and public safety projects all increased.

During the first ten months of 2020, construction spending is up 4.3% over the same period last year.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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