Construction Spending Rises in October

Construction spending rose 0.8% in October, the third straight monthly increase, the Commerce Department said Thursday.

The increase followed a 0.2% gain in September, Commerce said.

The October upturn was larger than economists’ forecasts of a 0.3% increase, Bloomberg reported.

Private construction spending climbed 2.3%, while homebuilding spending gained 3.4%.

Public construction spending fell 1.8%. Federal construction spending dropped 5% in October to $26.4 billion, the lowest level since May 2009.

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