CONSTRUCTION SPENDING IN SEPTEMBER ROSE 0.3%, FIRST INCREASE IN THREE MONTHS
Construction spending in September rose 0.3%, better than the 0.4% decline analysts were expecting. That was the first increase after three months of declines. August construction spending was revised down to a -0.2% from the previously reported 0.2% increase. Private residential construction showed its 19th consecutive monthly decline, down 1.4% in September but private nonresidential construction rose 1.5% following a 1.8% increase in August. Lodging, office, health care and manufacturing construction showed the largest gains in the private nonresidential sector. Public construction rose 1.9% as state and local spending increased 2.7% and Federal construction spending fell 7.9%. Among the public sector construction projects those for education, transportation, power and water and sewage facilities showed the largest gains.
Kathryn Kobe NTKN, Washington DC