Construction spending up
The October gain was led by a 1 percent rise in spending for non-residential buildings, which rose to an annual rate of $158.3 billion for the month. The increase followed a 2 percent drop in non-residential activity in September.
The strength in October was led by a 10 percent jump in spending on educational buildings, followed by a gain of 2.2 percent in spending on hospitals construction.
Spending for construction of homes and apartments was up slightly to $412.3 billion in October, only a 0.1 percent rise from the September level of $412.1 billion.