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Financial News: U.S. Construction Spending Unexpectedly Inches Higher In S

U.S. Construction Spending Unexpectedly Inches Higher In September

11/01/2022 - 10:32:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. unexpectedly showed a modest increase in the month of October, according to a report released by the Commerce Department on Tuesday.

The report said construction spending inched up by 0.2 percent to an annual rate of $1.811 trillion in September after falling by 0.6 percent to a revised rate of $1.807 trillion in August.

The uptick surprised economists, who had expected construction spending to decrease by 0.5 percent.

The unexpected increase in construction spending came as spending on private construction rose by 0.4 percent to an annual rate of $1.450 trillion.

While spending on residential construction was virtually unchanged at an annual rate of $918.0 billion, spending on non-residential construction jumped by 1.0 percent to a rate of $532.3 billion.

Meanwhile, the report said spending on public construction decrease by 0.4 percent to an annual rate of $360.9 billion.

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