Construction Makes Small Gain

Construction spending climbed 0.6% in September as strength in housing and a rebound in government building offset weakness in non-residential construction, the Commerce Department reported today.

Spending for new construction rose to a seasonally adjusted annual rate of $403.4 billion in September after a 0.2% decline in August. Construction spending had risen 1.5% in July. Even with the latest increase, construction activity has been sluggish this year. The September level of activity is actually 0.5% below the level of a year ago.