BREAKING: US Construction Spending rose 0.4% in October, boosted by Residences

U.S. construction spending rose 0.4% in October to $2.17 trillion, the Census Bureau said in its latest report. Spending jumped 5% compared to a year ago. Residential construction paced the gains with private spending up 0.7% to $1.676 trillion. Residential construction surged 1.5% and totaled $934 billion, while nonresidential spending was down slightly.

Public construction retreated 0.5% to $497.6 billion as school and highway projects registered minor decreases. The year-to-date totals through the first ten months of 2024 climbed 7.2% from the same period in 2023, underpinned by brisk gains in nearly all major sectors.

This underscores the resilient housing market in view of slower growth, since private residential projects continue to show strength. The numbers are a thumbs-up for the US economy as they underscore the steady demand and investment in construction despite mixed signals from public spending.