U.S. builders boost spending 1.4 percent in October
WASHINGTON (WKOW) -- U.S. builders boosted their spending on construction projects in October by 1.4 percent.
The Commerce Department says the gain in October was the largest since a 1.7 percent increase in May.
The increase in construction spending increased to a seasonally adjusted annual rate of $872.1 billion. That is nearly 17 percent higher than a 12-year low hit in February 2011.
Still, even with the gain, the level of spending remains only about half of what's considered healthy.
Housing construction jumped three percent in October. Nonresidential construction rose 0.3 percent. The government says Superstorm Sandy, which hit in late October, had only a minimal impact on the figures.
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