Construction Spending Rises 0.7% in October

onstruction spending rose 0.7% in October for a fourth straight month, the Commerce Department reported Thursday.

he rate rise to a record $1.13 trillion annual rate from $1.12 trillion in September, Commerce said. September increase was revised downward to 0.2% from an originally reported 0.5% gain.

onstruction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

Private residential construction, which accounts for more than half of construction spending, rose 0.6% following a 0.7% increase. Homebuilding has risen 8.3% since October of last year.

on-residential construction spending rose 0.7%, Commerce said.

Construction spending by the federal government jumped 19.7%, while state and local spending rose 0.6%.