Construction spending in the US increased by 3.7pc in October to $1.43tn in October from $1.38tn during the same month last year, according to the US Census Bureau. October’s construction spending grew by 1.3pc from $1.42tn in September 2020.
The rise in October was led by spending in the private construction sector which tallied at $1.09tn, up 1.4pc from $1.07tn in the previous month. Of this amount, residential construction spending increased by 2.9pc to $637.1bn from $619.1bn in September. Non-residential construction, however, dipped by 0.7pc to $456bn in October compared with $459bn in the previous month.
The public construction sector spent $344.8bn in October, up 1pc from $341.4bn in the previous month. Of this amount, spending on building educational buildings amounted to $86.4bn, while highway construction spending tallied at $92.6bn.