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Financial News: U.S. Construction Spending Rises Less Than Expected In

U.S. Construction Spending Rises Less Than Expected In September

11/02/2020 - 11:56:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. increased by less than expected in the month of September, the Commerce Department revealed in a report released on Monday.

The report said construction spending rose by 0.3 percent to an annual rate of $1.414 trillion in September after climbing by 0.8 percent to $1.410 trillion in August. Economists had expected construction spending to jump by 1.0 percent.

The weaker than expected growth in construction spending came as an increase in spending on private construction was partly offset by a drop in spending on public construction.

The Commerce Department said spending on private construction climbed by 0.9 percent to an annual rate of $1.075 trillion, with a spike in spending on residential construction more than offsetting a slump in spending on non-residential construction.

Meanwhile, the report said spending on public construction tumble by 1.7 percent to an annual rate of $339.1 billion amid a steep drop in spending on highway construction.

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