Total construction spending rose more than expected in October, according to the latest data from the Census Bureau.
- M-O-M: Construction spending rose to a seasonally adjusted annual rate of $2,027.1 billion in October, up 0.6% from September.
- Y-O-Y: Construction spending is up 10.7% from the same time last year.
Beat The Street. Economists projected a smaller increase of 0.4% in October.
Residential. Residential spending jumped to an annual rate of 895.13M in October, up 1.2% from September and the highest level since September 2022.
- Single-family spending rose to $408.75M in October, up 1.1% from September and the highest level since September 2022.