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.
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