Construction spending jumped 1.6% in October.
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The increase was the biggest in 10 months, as builders rushed to complete projects before the new tax law takes effect, the Commerce Department reported. The department said building activity totaled $386.5 billion at an annual rate in October as construction of apartments, hotels and office buildings showed strong gains. The increase, the sharpest since a 2.1% rise in January, followed a 0.3% decline in September.
