US construction spending up 0.5 per cent in October
WASHINGTON — U.S. builders boosted spending on construction projects by a modest amount in October, helped by big gains in spending on home construction and the biggest increase in government projects in 10 months.
Construction spending rose 0.5 per cent in October following no change in September, the Commerce Department reported Thursday.
Home construction increased 1.6 per cent, helping offset a 2.1 per cent drop in spending on nonresidential projects. Outlays for construction of offices, hotels and shopping centres all declined. Spending on government projects jumped 2.8 per cent, the biggest increase since last December, as federal and state and local spending all rose.
Financial markets have rallied since the election of Donald Trump, reflecting in part enthusiasm over his vows to increase spending on projects to repair and replace the country’s aging infrastructure.