WASHINGTON - U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government buildings. The increase suggests the 16-day partial government shutdown didn't slow public projects.
The Commerce Department says
construction spending increased 0.8 percent in October to a seasonally adjusted
annual rate of $908.4 billion. That's up from September, when spending fell 0.3
The October pace was the best since
May 2009. Spending has increased 5.3 percent in the 12 months ending in
A 3.9 percent surge in public
buildings drove the October increase. But construction of private homes and
commercial projects fell 0.5 percent.
Both the October and September figures
were released Monday, after reporting was delayed due to shutdown in October.