The Commerce
Department announced on Monday that the U.S. construction spending increased by 0.4
per cent m-o-m in October, following an unrevised 0.1 per cent
m-o-m uptick in September.
This marked the
strongest monthly advance in construction spending since April (+1.3 per cent
m-o-m).
Economists had foreseen construction spending to rise by 0.2 per cent m-o-m in October.
According to
the report, spending on private construction surged by 0.7 per cent m-o-m in October, as a 1.5 per cent m-o-m climb in residential
spending more than offset
a 0.3 per cent m-o-m drop in non-residential
spending.
Meanwhile, the public
construction outlays fell by 0.5 per cent m-o-m, as both
nonresidential and residential spending decreased by 0.5 per cent m-o-m.
On a y-o-y
basis, construction spending jumped by 5.0 per cent in October.