U.S. Construction Spending Rises Again

U.S. construction spending grew by 0.7 percent in October, continuing a two-month long upward trend, according to a report from the U.S. Census Bureau released on Dec. 1.

Construction spending increased to a seasonally adjusted annual rate of $1.132 trillion from a revised estimate of $1.124 trillion in September.

According to the report, the October 2005 numbers are 7.9 percent above the estimate from October 2004.

Private residential construction saw an increase of 0.6 percent to a record $630 billion. However, private non-residential construction fell by 0.3 percent from September’s estimate of $248.4 billion to $247.7 billion.

Public construction spending jumped 1.9 percent to $254 billion.