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Construction spending jumps in October, aided by public projects

Construction spending jumps in October, aided by public projects
Construction spending rose 0.8% in October, the U.S. Census Bureau said Monday. Above, heavy equipment at the site of a new Smithsonian museum in Washington. (J. David Ake / Associated Press)

U.S. construction spending rose 0.8% in October from the month before, the fastest pace in more than four years, the U.S. Census Bureau reported Monday.

Overall construction spending rose to a seasonally adjusted annual rate of $908.4 billion, largely boosted by a 3.9% surge in public spending.

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Construction spending on public projects rose to an adjusted annual rate of $282.7 billion, up from $272.2 billion the month before.

Construction spending on residential projects, by comparison, declined 0.5% in October to $332.9 billion.

Monday's release showed that construction spending dropped 0.3% in September. Data for September and October were bundled together because the 16-day partial government shutdown delayed the release.

Since October 2012, overall construction spending has risen 5.3%.

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