US construction spending increased by 0.4% in October, exceeding expectations due to strong growth in single-family residence construction.

December 3, 2024, 2:14 AM GMT+9

The US Department of Commerce announced on the 2nd that construction spending in October (seasonally adjusted) increased by 0.4% compared to the previous month on an annualized basis. The economists' forecast compiled by Reuters was a 0.2% increase. The increase was driven by the rise in single-family residential construction.
There was no revision for September, which saw a 0.1% increase. In October, there was a 5.0% increase compared to the same month last year.
Private sector construction spending increased by 0.7%. Residential construction increased by 1.5%. Among these, new single-family home construction increased by 0.8%.
On the other hand, non-residential construction such as factories decreased by 0.3%. Construction of commercial facilities, medical care facilities, mainland education facilities, and entertainment and recreation facilities was sluggish.
Construction spending in the public sector decreased by 0.5%. While federal government spending increased by 0.3%, state and local government spending decreased by 0.6%.