Construction Spending Jumps to Highest Level in Three Years
Construction spending rose 1.4% in October to the highest level in three years,Ìýthe Commerce Department said Monday.
TheÌýincrease brought outlays up to $872.1 billion, the most since September 2009, and followed a revised 0.5% decrease in September, that was smaller than previously estimated, Commerce said.
Economists had forecast a 0.5% increase, Bloomberg reported.
Private construction spending increased 1.6%, while homebuilding outlays rose 3% to 294.2 billion.
Public construction increased 0.8% from the prior month.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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