Construction spending rose in September, as companies and the government continued to ramp up projects across the U.S.
Spending on construction projects rose 0.4% in September to nearly $2 trillion, the Commerce Department reported Wednesday.
The figure matched expectations on Wall Street. Economists were expecting construction spending to rise 0.4% in September.
Construction spending reveals how much the government and private companies spend on projects, from housing to highways. The more the U.S. spends on construction, the higher the level of economic activity.
The government revised spending on construction in August to 1% from an initial read of a 0.5% increase.
Over the past year, construction spending is up 8.7%.
In terms of residential real-estate, private residential construction rose 0.6% in September from the month before. Single-family construction rose 1.3% in September, while multifamily fell 0.1%.
Spending on public residential construction fell by 3.2%.
Stocks
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were up in early trading on Wednesday. The 10-year Treasury note
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fell below 4.8%.
