US construction spending rose 0.4% in October, driven by a surge in residential building.

US construction spending rose 0.4% in October to $2.174 trillion, exceeding expectations and driven by a 1.5% increase in residential construction. Private construction spending grew 0.7% to $1.676 trillion, while public construction fell 0.5% to $497.6 billion. Despite the rise, residential spending has been a drag on the economy for two quarters.

December 02, 2024
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