WASHINGTON - Construction spending increased 0.7% in October, aided by a strong gain in residential construction, the Commerce Department reported Wednesday.
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Private construction increased 0.8% as residential construction jumped 2.5%, both the largest increases since April.
Economists expected construction spending would decline 0.4%, according to the median estimate from Thomson Reuters.
September’s construction spending was revised higher to a 0.7% increase from the 0.5% rise reported last month.
Government construction increased 0.4% in October. State and local spending increased 0.4% and federal spending increased 0.9% for the month.
