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U.S. Construction Spending Nears Eight-Year High
The Commerce Department reports that construction spending rose one percent from September to October, hitting $1.11 trillion. This is reportedly the highest level the country has experienced since December 2007.
The best news is not only did construction spending shoot up 13 percent in October as compared to the same month last year, but it also has increased every month for the entire year.
Manufacturing plants saw the biggest month-over-month jump, rising by three percent, while public, or government, construction was up 1.4 percent. Private spending rose 0.8 percent overall, while private residential construction increased one percent.
- ◦Development
