U.S. construction spending surged in
September to a record as private nonresidential building jumped
the most in 11 months and housing demand held close to the record
high, a government report showed.
Builders put $910.6 billion of construction in place at an
annual rate, a 1.3 percent increase from August, when spending
rose 0.7 percent to a $898.8 billion annual rate, the previous
record. Residential construction, which makes up more than half
the total, gained 1.3 percent to a $477.3 billion pace, and
private nonresidential investment climbed 2.5 percent.
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