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Economic news
01.11.2024

U.S. construction spending unexpectedly rises in September

The Commerce Department reported on Friday that the U.S. construction spending edged up 0.1 per cent m-o-m in September, following an upwardly revised 0.1 per cent m-o-m advance (from -0.1 per cent m-o-m) in August. 

Economists had predicted construction spending to be flat m-o-m in September.

According to the report, spending on private construction was unchanged m-o-m in September, as a 0.2 per cent m-o-m increase in residential spending was offset by a 0.1 per cent m-o-m slip in non-residential spending.

Meanwhile, the public construction outlays jumped 0.5 per cent m-o-m, underpinned by a 2.3 per cent m-o-m surge in residential construction spending and a 0.4 per cent m-o-m gain in non-residential construction spending. 

On a y-o-y basis, construction spending climbed 4.6 per cent in September. 

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