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U.S. Construction Spending Claws Up 1.1 Percent in October

Spending on construction in October almost hit $971B across the U.S. in October, climbing 1.1 percent over September. Photo credit: Phoenix Business Journal

Spending on construction in October almost hit $971B across the U.S. in October, climbing 1.1 percent over September. Photo credit: Phoenix Business Journal

By Eric Jay Toll for Phoenix Business Journal

Spending on construction in October almost hit $971B across the U.S. in October, climbing 1.1 percent over September.

It was an anemic increase, but the biggest since last December’s 2 percent rise over the prior month. For the year-over-year comparison, construction spending is up 3.3 percent.

The report by the U.S. Census Bureau said that the rise in October is the first increase of more than 1 percent in 11 months. Construction spending has been flat for a year. Continuing at its pace, construction will top $970B for the year, a 1 percent increase over 2013. At least the number is up, but 2012 and 2013 both were higher than 8 percent over the prior years.

Arizona’s construction spending through September, the last month for which data are available, was up 1.7 percent over last year.

Read more at Phoenix Business Journal