WASHINGTON (dpa-AFX) - A report released by the Commerce Department on Tuesday showed construction spending in the U.S. increased by more than expected in the month of October.
The Commerce Department said construction spending jumped by 1.3 percent to an annual rate of $1.439 trillion in October after falling by 0.5 percent to a revised rate of $1.420 trillion in September.
Economists had expected construction spending to climb by 0.8 percent compared to the 0.3 percent uptick originally reported for the previous month.
The bigger than expected increase in construction spending came as spending on private construction surged up by 1.4 percent to an annual rate of $1.094 trillion.
Spending on residential construction spiked by 2.9 percent to a rate of $637.1 billion, more than offsetting a 0.7 percent drop in spending on non-residential construction to a rate of $456.6 billion.
The report also said spending on private construction climbed by 1.0 percent to an annual rate of $344.8 billion. Spending on educational and highway construction both increased.
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