September Construction Spending Reaches Record Level

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onstruction spending rose 0.5% in September to a record level, the Commerce Department said Tuesday.

The rise to a record $1.12 trillion annual rate followed a revised 0.6% gain in August that was originally reported as a 0.4% increase, Commerce said.

The increase matched economists’ forecasts, Bloomberg reported.

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 1%, following a 0.1% gain in August. It was the biggest rise since a 1.9% jump in February,

on-residential construction spending fell 0.1% but was up 5.3% over the previous September, Commerce said.

Construction spending by the government was unchanged following a 0.4% rise in August, though government spending on construction was up 9% over the previous September.