Construction Spending Rises 0.8% in October
Construction spending rose 0.8% in October to the highest pace in six years, the Commerce Department reported Dec. 2.
The increase brought spending to an annual $908.4 billion rate. Spending declined 0.3% in September, the Associated Press reported.
The October pace was the best since May 2009, driven in part by a 3.9% rise in public spending. Federal spending increased 10.9%, suggesting the partial government shutdown had little impact on public spending, AP reported.
Home construction dipped 0.6% in October from September, but in the past 12 months it has increased 17.8%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
